Tag: rescue bookkeeping

The electric vehicle FBT exemption allows Australian employers to provide certain electric cars for employee private use without paying Fringe Benefits Tax (FBT), provided specific eligibility conditions are met. Employers should first check vehicle purchase records, the luxury car tax threshold, lease agreements and employee benefit arrangements to avoid incorrect reporting.For businesses considering electric vehicles,…

A Discretionary Trading Trust needs accurate financial records, trustee resolutions and beneficiary entitlement details to support how business profits are distributed. Without proper documentation, trustees may struggle to demonstrate that income distributions follow the trust deed and Australian tax laws, creating avoidable compliance concerns. Understanding the trust structure, maintaining reliable bookkeeping and recording each distribution…

Understanding current tax rates is important, but small business owners also need to make sure company income tax and personal income tax estimates stay separate in their books. Mixing the two can make your profit, cash position and tax obligations difficult to understand, especially at tax time. A company has its own income, expenses, taxable…

Company Structure Bank Accounts and Credit Cards should be kept separate from personal banking if you want clean bookkeeping and clear company records. When business income, personal spending and company expenses move through the same accounts, reconciliation becomes harder and the true financial position of the business can be difficult to see. This matters when…