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5 common mistakes when writing a will

5 common mistakes when writing a will

We’ve talked about wills in our past blogs, including “why a will is a must” which you can read here.

If the pandemic has taught us anything,  it’s that we should be prepared for the unexpected. And although it’s morbid to ask, do you know what will happen to your estate when you pass away?

Here are 5 common mistakes when writing a will

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Reskilling exemption for FBT

The ATO had advised that employers who are reskilling workers recently made redundant, or are soon to be made redundant, will have these costs exempt from FBT (Fringe Benefits Tax). 

This exemption commences from 1 October 2020 onwards and applies to retraining or reskilling employees.  There is no limit to the cost or the number of education and training courses an employee can undertake. 

Ref: ATO website, FBT retraining and reskilling exemption now law, 19 July 2021.

Lodgement of TPAR (Taxable Payment Reports)

We have contacted clients who are required to lodge the reports by 28 August 2021.  The ATO targets specific industries to ensure that all contractors have reported amounts paid. 

The industries that are required to report amounts are as follows;

  • building and construction; 
  • cleaning;
  • courier, delivery or road freight; 
  • information technology (‘IT’); or
  • security, surveillance or investigation. 

Ref: ATO website, TPAR – check if you need to lodge, 12 July 2021

New “Sharing Economy” Reporting

Rid sharing and short term accommodation providers are now required to report directly to the ATO. This change applies from 1 July 2022 in order to identify and ensure that all income is reported to the ATO.  It is expected to extend to food delivery and other task services. 

Ref: Treasury website, Implementing a reporting regime for sharing economy platform providers, 6 July 2021