Whilst all the fun and festivities for Christmas are in complete overdrive, there needs to be a time where you need to become the business Grinch and consider whether your Christmas party is tax deductible.
The Australian Taxation Office (ATO) reminds taxpayers that they need to lodge a return for any financial year they exceed the non-concessional contributions cap, and may have to pay extra tax.
The First Home Super Saver Scheme (FHSS) allows individuals to make voluntary contributions into the superannuation system on or after 1 July 2017, and withdraw those contributions (up to certain limits) for the purpose of purchasing their first home. Eligible individuals can then apply to access the FHSS scheme from 1 July 2018.
There are circumstances where an employer does not need to keep records or demonstrate that private use of a business vehicle by an employee is minor, infrequent or irregular in order to claim an Fringe Benefits Tax (FBT) exemption.
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