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Gifting to employees

Posted by Team AVS on 29 Aug, 2023  0 Comments

Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee’s associates (i.e. spouses). These gifts typically take the form of bottles of wine, movie tickets, gift vouchers etc.

The tax treatment of these gifts from an employer standpoint, depends upon a range of factors including:

To whom the gifts are provided (e.g., employees or clients?)
Whether the gifts constitute entertainm

Work-related car expenses updated

Posted by Team AVS on 23 Aug, 2023  0 Comments

The ATO had announced that the cents per kilometer rate has increased to  85 cents per kilometer for 2023/24.

To recap, there are two methods to claim work- related car expenses as follows:

Cents per kilometer method

This method is easier for record keeping, involves a simpler calculation, and is generally suited to those with less vehicle use.

You simply keep a record of the number of kilometers  you’re traveling for work or for

Tax Time: Unexpected first-time debts

Posted by Team AVS on 14 Aug, 2023  0 Comments

For the first time, many Australians are finding themselves in a position where they are being told they owe the ATO money after completing their tax return this year.

A significant number of taxpayers in this position are those that are still paying off their HECS/HELP debts – many of them young Australians. Following are some myths and facts around why this may be the case.

We also tackle the LMITO myth.

When PAYGW is deducted from

Trusts – are they still worth it?

Posted by Team AVS on 8 Aug, 2023  0 Comments

The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it?

To recap, trust distributions have been under the ATO microscope in recent years. The latest ATO crackdown was in February 2022 when it updated its guidance around trust distributions especially those made to adult children, corporate beneficiaries and entiti

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