IN THIS ISSUE:
- Are you a member of a sporting club or other association?
- Reminder – work related deductions
- Facebook – spreading the likes
Are you a member of a sporting club or other association?
Did you know that your association has to have its financial records audited annually?
This process can be expensive in terms of time and money
If your association turns over less than $400,000 (ACT) you aren’t required to use a ‘company auditor’, thus avoiding, in many cases hefty fees.
As bennetts tax & bas services has experience in preparing audits we can now offer a service for your smaller clubs and associations. The advantage of using bennetts is the expertise without the hefty fees.
Have your Treasurer or committee members contact me for further information
Mileage deductions – don’t forget to keep a log book for work / business related vehicle use
ATO is changing the way it calculates mileage – rather than based on engine capacity it will be a flat rate of .66 cents per km.
I highly recommend that you keep a logbook for 4-6 weeks – where we will calculate the percentage of work / business use. This percentage will be valid for a few years or if activity increases a new log book for a 4-6 week period can be utilised to update the percentage rate.
Remember, if you are paid a mileage allowance and it exceeds .66cents per km, the amount over and above .66cents per km will be subject to PAYG (W).
Phone / internet use – keep records for a 4 week period in each income year for claims of more than $50. These records may include diary entries electronic records and bills.
Facebook – does your business have a facebook page?
In case you did not already know bennetts tax & bas service has a facebook page. Here we post information on the fly. We also use facebook to support clients and their business by spreading the ‘likes’ around.
If you have a facebook account, come and ‘like’ us:
Hoping the Easter bunny comes hop, hop, hopping along…..