AFS NEWS | Your partners in success

Salary packaging unwrapped

Salary packaging is where an employer offers their employees the opportunity to pay for certain goods and services out of their pre-tax income. These goods and services often include things such as computers, cars, health insurance, childcare and superannuation contributions (commonly known as salary sacrificing). By paying for these goods and services before tax is […]

What can trigger an ATO audit

Nobody wants to attract unnecessary scrutiny from the Australian Taxation Office (ATO). Tax audits can be stressful and often very costly, and are increasingly well targeted now that the ATO’s data matching capabilities are making it easier to identify any discrepancies. The most effective way to avoid an audit is to do the right thing […]

Changes to GST at settlement

Since 1 July 2018, buyers of new residential premises or potential residential land may now be required to withhold an amount from the purchase price and pay that amount to the Australia Taxation Office (ATO) on or before property settlement.

Client Update – October 2018

We welcome October and farewell football fever as we enter the final stretch towards Christmas. It’s traditionally a busy time for households and on the business and economic scene, as we prepare for the end of another year.

Introduced tax policy creates company vehicle accountability

Undeniably, the popularity of utes in Australia continues to grow. Many businesses and individuals believe that owning a ute, rather than a car, can provide significant tax advantages, in particular to Fringe Benefits Tax (FBT).

Updates to Long Service Leave Act

The Victorian State Government recently passed the Long Service Leave Bill 2017, resulting in the Long Service Leave Act 1992 being replaced with the Long Service Leave Act 2018. The updated Act will come into effect from 1 November 2018 and will have a number of significant impacts on employers.