January 2016 – Are we all ready for a happy and successful 2016?

IN THIS ISSUE:

• FBT news for those employed in NFP’s
• Business Owners – Cash flow solution!
• 2016 To-Do List

To the latest news from the ATO:

FBT news for those employed in the Not for Profit Sector or benevolent institutions, hospitals etc

If you are employed by a not for profit and receive a meals / entertainment benefit in the form of a salary sacrifice arrangement the rules have changed. From 1.4.2016 there is a cap in the value of benefits that can be claimed. It is now about $2,500 in actual entertainment / meals expenditure, equating to $5,000 grossed up value and will become reportable on payment summaries. You may want to rethink your salary sacrifice arrangements in consultation with your NFP employer.

Business operators – A Cash flow solution

In order to assist businesses with managing cashflow, forecasting and budgeting, bennetts is considering offering a monthly direct debit service to BAS clients. Rather than receiving an invoice quarterly for your BAS processing and other activities, we can use historical information and calculate your average monthly expenditure and set up a direct debit payment with your bank.

This will allow better cash management for you and your business.

If you are interested in this as a payment option – please send me an email for further information to admin@bennettstax.com.au

2016 To do List

As with every New Year there are personal resolutions made with some resolved and stuck and others broken.

For my friends and clients its time to set your 2016 new year financial resolutions. Weather for business or personal goals, January 2016 is the time to decide what you want to achieve for yourself and or your business for the coming 12 months. Set your plan of action; how and when and what.

If you have any questions regarding your plan of action or even setting your business goals – give me a call and I can help formulate your goals and set your action plan.