In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest.

Newsletter - Sky Update - February 2018

Research & Development Tax Incentive Reminder

The R&D Tax Incentive provides valuable support for companies undertaking eligible Research & Development activities.

To claim the R&D Tax incentive for the 2017 financial year, eligible activities must be registered with AusIndustry by no later than 30 April 2018.

Companies wishing to claim the R&D Tax Incentive should take action now in order to ensure that they will meet the deadline.

If you would like more information on the R&D Tax Incentive or need assistance registering, please get in touch.

Investment Market Update

Join us on the 7th of March for an investment market update seminar being hosted by our partner Peter Haans.

The session will include a presentation by Scott Fletcher, Director, Client Investment Strategies for Russell Investments on the state of the current economic environment, including insights to help make the most of current opportunities.

For seminar details, please click on the below link.

  • Investment Market Outlook - 7 March 2018
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    Fringe Benefits Tax (FBT) Year End

    FBT is a tax levied on employers who provide non-cash benefits to employees. Common examples include private usage of a company car, entertainment and car parking.

    In the lead up to the end of FBT year on 31 March, employers should take steps to understand their obligations and what actions should be taken to ensure compliance and that the best possible FBT outcomes are achieved.

    Contact our office if you need advice on how FBT applies to your business.

    ATO Crackdown on Work Related Deductions

    The ATO have flagged a crack-down on the claiming of work related tax deductions for the 2018 financial year.

    Significant resources are being allocated within the ATO for compliance activity to ensure that taxpayers show the connection to their income earning activities and that they can evidence the amounts claimed.

    For information about deductibility of expenses and record keeping requirements, please click the link.

    Get Your Rostering Right

    Employers must exercise care to ensure that they are compliant with workplace laws around rostering.

    For example, the Hospitality Industry (General) Award 2010 requires that a roster for full-time & part-time employees be prepared and be posted in a conspicuous place accessible to the employees concerned indicating:

    • The name of each employee concerned and their starting and finishing times; and
    • A minimum 10 hour break between finish of ordinary hours on one day and the commencement of ordinary hours on the following day.

    To find out more about the rules affecting rostering in your business, please refer to your Award and the information available on the Fair Work Ombudsman website.

    We are big believers in the use of professional tools like Deputy for rostering and tracking time and attendance.  The right tool will support compliance and streamline the process so that the business is best placed to trade profitably.

     

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