Entertainment... is it deductible?

Jul 18, 2020

Let me entertain you! 

What is Entertainment?

According to the ATO, you can provide entertainment by way of food, drink or recreation. Any accommodation and travel connected to the provision of food, drink and recreation is also considered to be entertainment.

Generally entertainment...

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Buying a Car, Deductions and Fringe Benefits Tax

Jul 18, 2020

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...

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Fringe Benefits (not Fringe Festivals)

Jul 18, 2020

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...

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Fixed Assets

Jul 14, 2020

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...

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Depreciation

Jul 12, 2020

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...

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Write it off...

Jun 23, 2020

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...

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Car Expenses

Jun 23, 2020

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...

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Home Office Expenses

Jun 22, 2020

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...

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Creative Clients - Common Deductions

Jun 11, 2020

You're special. I know it.

So many clients come to us feeling like their old accountants just don't understand them, their industry and the common expenses they incur as part of running their business. 

We get it. 

This blog covers the common deductions our creative clients might be...

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Donations (good for them, good for you, good for me)

Jun 03, 2020

Growing up I was taught by my parents that even with a little, we have a lot to give. From the days of having $5 pocket money, to now, I have been putting aside something to give to others. 

Artists have shown their generosity in spades recently, whether the donation is something of value...

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