SMSF Residency Rules Relaxed
SMSFs will see residency requirements relaxed, with changes set to be seen in the central management and control test along with the active member test scrapped. Read More – SMSF Residency Rules Relaxed
SMSFs will see residency requirements relaxed, with changes set to be seen in the central management and control test along with the active member test scrapped. Read More – SMSF Residency Rules Relaxed
If you ask a worker why they think of themselves as a contractor instead of an employee, you may hear answers such as “I have an ABN”, “I have a special skill” or “Not all my work is for the one guy”.
And what if you asked the business owner or employer why they’re classifying the new person on their team as a contractor rather than an employee? They may tell you “He pays his own superannuation”, “He wants to be a contractor” or even “We always use contractors”.
Now these people may well be acting in good faith rather than deliberately trying to ‘cheat’ the system, but the Australian Taxation Office (ATO) may consider these ‘contractors’ to be employees after all.
And it’s not just the ATO you need to worry about. There are also work cover and payroll tax requirements that you need to keep in mind.
To find out more about the WHY realities in the employee/contractor debate, contact PrimeAdvisory or download the checklist of WHYs you need to address.
Fringe Benefits Tax (FBT)
Fringe Benefits Tax (FBT) is a tax that many business owners try to forget until the deadline is upon them, but it is one that can have far reaching implications and costs. The end of year for FBT is 31 March 2016 – with the year running 1 April to 31 March. The Government introduced FBT many years ago to ensure that employees do not receive income disguised in another form and therefore avoid paying income tax. The deadline for lodging a FBT Return is 28 April 2016.
Your Obligations