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Do you have an FBT liability this year? |
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From the Principal, Michael Quinn Well 2009 has well and truly begun, almost a quarter over already! Whilst it seems like an eternity ago, we hope that you all had a chance for a little rest and relaxation over the break and spent some well earned time with family and friends. As we get back into the swing of things it would seem we have more to be grateful for than we probably realise. |
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Reduce the risk of being audited Perhaps on one the most unnerving things for a business owner is to be audited. Audits can be extremely time consuming and expensive, not to mention stressful. The range of areas that a business could be audited for are varied, ranging from taxes such as GST and Payroll to Workers Compensation Insurance and Occupational Health and Safety. It is also important to understand that different types of audits are controlled by various state and federal regulatory bodies. |
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Do you have an FBT liability this year? The Fringe Benefits Tax (FBT) year ends on 31 March. Payment of any necessary FBT is due by 21 May and eligible benefits that are paid must be recorded on employees' payments summary for the income year ending 30 June of the same year. FBT is a tax paid by employers on the value of certain benefits that have been provided to their employees or employees' associates in relation to their employment. These benefits or 'payments' are considered separately to salary or wages |
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Hints to get your business through tough economic times
The harsh economic climate does
not necessarily mean the end of your business, and although it
may seem hard to believe, it is certainly not all about
tightening the belt and cutting costs from wherever possible. As
a business owner, there are some simple steps that you can
implement across all areas of the business to help you keep your
business on track and get the edge on your competitors. |
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Land Tax and Duties Update In its mini-budget released late last year the NSW Government announced several changes in relation to Land Tax and other State based duties. Some of the most notable changes include new premium land tax marginal rate, the deferred abolition of duties and an increase in nominal duties. |
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The Quinns Christmas Break Well, whilst it was some time ago, we certainly did our best to enjoy the holiday season here at Quinns. We had our office Christmas Party on Friday 12 December. After exchanging "Secret Santa" gifts at the office, we headed out for a lovely dinner at El Bulli Spanish restaurant in Surry Hills. We all ate way too much, and had just a few celebratory drinks of course, for what was a fantastic night and full of fun. We all took advantage of the break to venture places other than the bus stop, the train station, home and the office! We had people travel to places as far away as China, Fiji, Thailand and South Africa and as close to home as Kiama and Marulan. More recently, Michael celebrated a personal milestone and in sticking with a tried and true office tradition, some of the city office staff celebrated with a round or gourmet cupcakes.
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Appserve Pty Ltd
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Disclaimer: The contents of this document titled "The Quintessential Brief" (the "Material") are provided as general information only. It is not intended to be given as advice and should not be relied upon as such. If you are concerned about any issue raised by the Material then you should seek your own professional advice. No warranty is given in relation to the accuracy, currency or completeness of the Material. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice. Where applicable, liability is limited by the NSW Solicitors Scheme under the Professional Standards Act 1994 (NSW), and other relevant state legislation. The Quinn Group respects your privacy. Should you not wish to receive this newsletter in the future please contact us on 1300 784 667.