Posts by Clarity Taxation

When you buy tools, equipment, or other big-ticket items for your business, you usually can’t claim the full cost as a tax deduction straight away. Instead, you claim the cost bit by bit over time as the item loses value. This process is called depreciation. Depreciation helps you spread the cost of your business assets…

Purchasing a commercial vehicle through your business can offer real advantages but there are rules around how much you can claim as a tax deduction, especially if there’s any private use involved. How you classify your vehicle, claim electric vehicle incentives and manage potential FBT liabilities directly affects your GST claims, depreciation and overall tax…

As we head towards the end of the financial year, it’s natural to start thinking about tax time especially if you’re hoping for a decent refund or just want to get your return sorted without any stress. It’s also around this time that many people jump online, looking for quick answers. You might find yourself…

If you’ve ever looked at your payslip and wondered where part of your pay went, or if you’re an employer trying to stay on top of your tax obligations, chances are you’ve come across PAYG withholding. It might sound technical, but it’s actually a simple system that helps everyone stay on top of their taxes.…

Losing someone close to you is one of the most difficult experiences in life. During such times, dealing with practical matters like tax can feel overwhelming. But remember, you don’t have to handle everything at once, and you certainly don’t have to do it alone. Here’s a gentle guide to help you navigate the tax…

As an employer, you might find yourself in situations where you lend money to your employees. Whether to help them out during a tough time or as part of a work-related arrangement, these loans can have certain tax implications, particularly regarding Fringe Benefits Tax (FBT). When is an employee loan considered a fringe benefit? A…

As an investment property owner, keeping up with your tax obligations can feel overwhelming, especially with recent changes to the property management data-matching protocol. What is the property management data matching protocol? The property management data-matching protocol is a system used by the Australian Taxation Office (ATO) to check that property owners are correctly reporting…

Creating a positive and engaging work environment is key to running a successful business. Events like Christmas parties, team-building days, and seminars can help boost morale and strengthen your team. However, before you start planning, it’s essential to understand how Fringe Benefits Tax (FBT) applies to these activities. Here’s a guide to help you navigate…

For many small businesses, managing Fringe Benefits Tax (FBT) records can be a challenging task. Between ensuring accuracy, keeping up with compliance rules, and juggling multiple employee benefits, it’s no surprise that many find the process overwhelming. But FBT record-keeping doesn’t have to feel like a burden. The Australian Taxation Office (ATO) understands these challenges…

Accessing your company’s assets might seem simple, but it comes with strict tax rules. The Australian Taxation Office (ATO) has guidelines in place to prevent any accidental or deliberate misuse, making sure you stay compliant with the law. One key regulation to be aware of is Division 7A. How does Division 7A work? Division 7A…