In a previous blog on car expenses, we touched on buying a car in your company and possible FBT (Fringe Benefit Tax) implications of providing cars to your employees. Let’s jump in and explain it in more detail.

Is a car an asset?

Yes, a car is considered an asset to your business (even if it feel...

Welcome to a whole new tax! Did you know that there are taxes and reporting requirements (for some people) beyond the year end income tax returns we all do? You might have heard about GST (good and services tax), or CGT (capital gains tax), but today we’re looking at Fringe Benefits Tax AKA “FBT”. 

What is a Fixed Asset Register?

It’s all in the name… a Fixed Asset Register is a list of fixed assets that are owned by a business. It is used to keep track of assets, their book value, purchase date and to calculate their depreciation. In most cases, you can find your Fixed Asset Register in your...

I appreciate you… and I depreciate your assets.

What is Depreciation?

Depreciation is how we account for an assets value becoming reduced through time and use. It is the measure of decline in value of an asset used by a business to generate income. Assets depreciate at different rates and differen...

Them: Just buy a car before the end of financial year, you can write it off for business!
You: Hmm, that seems too good to be true. What about depreciation?
Them: Nah, use the ‘small business write off’ thing.
You: I’m going to ask my accountant.
Me (your accountant): YAY!! A+ to you. Let’s chat about h...

VROOM VROOM TOOT TOOT

The Vengabus is coming and I hope they’ve done their log book!

Our friends at the ATO appreciate that sometimes we have to use our cars for work so they allow us to make a deduction for that, but there are some really specific rules on who can deduct, for which vehicles, and ...

You guessed it - I was the kid at the front of the class with her hand in the air, way too keen to answer the teacher’s questions. I would draft essays in advance. I loved homework. Obviously this isn’t everyone’s experience of school, but one thing I hope you’ve learned to love along the way - is l...

Working from home definitely has its perks - most offices don’t let you wear your tracksuit to work and rock big fluffy uggs either!

Whether you are an employee who works from home, or you run your business from the comfort of your own home, the ATO allows you to claim a deduction for expenses you ...

This is the last of three articles we've had the amazing Brooke Reardon help us with. Check out the first and second here.

Brooke is the founder of the law firm Wills & Estates, a national firm serving Australian adults in Wills & Estates. She's a total legend and she has been a huge help in gettin...

Honesty time - I am getting a Will only now. This is not the kind of blog I can write alone, but the information is super important for many of the creatives and small business owners in my community. So, I have called in my big gun, Brooke Reardon, and asked her some questions.

Brooke is the found...