BRM Holdich E-News
6 March 2013
As we ease out of Summer and enter into Autumn it is a reminder that time goes quickly and the new financial year will be soon upon us. Are you in a time of business planning? Have you started to consider your preparations for completing your organisations Fringe Benefits Tax return and your insurance considerations?
In your business planning have you considered the potential changes to your business strategy that the National Broadband Network could support? Below we provide some information and resources that may assist your digital thinking and advise you of changes to FBT legislation over the past 12 months.
Please contact us should you require further information or if would like to discuss any of these items.
The BRM Holdich Team
The National Broadband Network (NBN) and Small Business
By now you will have heard about the NBN, but what does it really mean for you and your small business?
The Department of Broadband, Communications and the Digital Economy is not only providing infrastructure around Australia but also project funding for Digital Business support. This is information and tools about getting your business online and to help you understand how the internet can help your business.
Is your business NBN ready?
- have a digital presence?
- offer digital customer support?
- operate in a digital marketplace?
- utilise digital finance?
- have digital infrastructure and policies in place?
- operate with a digital workforce?
Not sure what these mean or want to find out more?
Digital Hubs have been established around the state to assist you to understand the NBN’s capabilities and free workshops supporting home based business, small to medium enterprise and not-for-profit organisations are available. Are you tapping into these resources? Attendance at a workshop could allow you to obtain 4 hours of free digital enterprise mentoring to assist you to design your digital future.
Where to find Digital Hubs in South Australia:
FBT Tax Update
The Fringe Benefits Tax (FBT) year is fast approaching and the time has come to start preparations for completing your organisations FBT return.
The major change over the past 12 months to FBT legislation relates to Living Away from Home Allowance (LAFHA). These LAFHA reforms started on 1 October 2012. These reforms impact:
- business that employ foreign nationals who are no longer entitled to LAFHA concessions from 1 October 2012 unless the employee is maintaining a residence in Australia, which they are living away from for work purposes
- permanent resident employees living away from home within Australia, but that do not retain a residence in their home location
If either of these scenarios apply to you please contact our office to discuss how you can comply with the new changes.
Tax Audit Insurance
Further to our recent communication to our clients regarding tax audit insurance there has been a very positive response. It should be noted that across the practice we have experienced several instances of tax office enquiries that have evolved into more complex investigations and would have been covered had the insurance been in place.
The insurance covers any written request for clarification of information/audit and the responsible accounting parties’ fees. In addition, it extends to most Federal and State government authority enquiries.
If you wish to discuss the cover in more detail and the relevance to you and your organisation, please do not hesitate to contact us at the office on 08 8168 8400.
EFT refunds for individuals from 1 July 2013 onwards
The ATO have advised tax agents that from 1 July 2013, individual returns will require bank account details to be entered when lodging through ELS, where a refund is expected. This means that cheques will no longer be issued. The ATO will use electronic funds transfer (EFT) which is a fast and secure way for taxpayers to receive their refunds.
Important: This is not advice. Clients should not act solely on the basis of the material contained in this Bulletin. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. The Bulletin is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.
Level 8, 420 King William Street
Adelaide SA 5000