What you need to know about FBT 2018

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Motor vehicles – using the company car outside of work New safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking? The living away from home allowance – the common errors Salary sacrifice or employee contribution – where employers are getting…  Read more

Prime Partners Chartered Accountants is moving

Our home for the last 11 years at 230 Victoria Road Gladesville is scheduled to be demolished to make way for new apartments at the end of this year. After a long search, we have found a new home at Level 4, 1 James Place North Sydney. We will be moving in September 2017. All client appointments booked for 15 September onwards will be held at our new office. Why…  Read more

ATO to Clamp Down on Tax Deductions

Thinking of claiming that $300 decanter for your future career as a sommelier? Think again. With tax time fast approaching, the ATO have put ITR deductions in their line of fire, clamping down on individuals making excessive and incorrect claims for work-related expenses. ATO Commissioner Chris Jordan is making these investigations a priority in an effort to minimise the ‘tax gap’ – that is, the difference between how much the…  Read more

Client Alert: Email Scams containing Malware, Virus & Ransomware

We have recently seen a spike in the number and quality of fake emails being sent to our clients. These emails are sent with malicious intent, purporting to be from a government agency, where you are led to click on a link that will install malware, ransomware or viruses. We have had clients lose days and weeks of productivity due to falling for these traps. One email we have seen…  Read more

What you need to know about FBT for 2017

We know that no one likes to pay tax and certainly no more tax than they should.  But very few people want to be on the wrong side of an Australian Tax Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT) year ended on 31 March which means the ATO will be looking closely at whether or not every employer who…  Read more

Getting your business finance ready

The time arrives in most small businesses when you’re required to go borrow some money. It’s in your best interest to make your business as attractive as possible before presenting yourself to the lender. The good news is that if you know what the lender is looking for you’ll be able to take appropriate steps to get your business in the best possible shape. 1. Ensure your financials are up…  Read more

Merry Christmas & Happy New Year

Dear Clients & Friends, As the Christmas season approaches, there is always so much happening, that it’s easy to forget to thank our valued clients & friends for their support throughout the year. Our office will be closed from 1pm Wednesday 21st December. The Financial Planning team will return on the 3rd January, and the Accounting and Lending will be back on 9th January. The Team at Prime Partners want to…  Read more