Tax Benefits recipes
Employee Benefits Explained
Whether you’ve just started a new business or you’re simply an employee in a new job trying to understand employee benefits and how they relate to your tax obligations, this post is designed to answer some of the questions you might have and clear up exactly what employee benefits are, what the advantages are and how to make them work for you. Accountants and other tax professionals can definitely help you further with your specific situation, and it is a good idea to seek advice in order to make the most of your benefits.
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Giving to Charity: Understanding the Tax Benefits
Accountants will tell you that one of the quickest and easiest ways to reduce your tax bill is to make a charitable donation. This is a great way to help your favourite cause and lower your tax bill at the same time. In fact, every gift of more than $2 to an approved charity is tax deductible, and there is no upper limit on the amount you can claim. The only thing you can’t do is use a large donation to create a tax loss.
Many businesses choose charitable donations as a better method of disposing of excess earnings near the end of the financial year to generate goodwill as well as reducing their tax liability.
While this might sound a good idea, you should always ensure that you understand the Australian Taxation Office rules for charitable giving. Making a charitable donation can make you feel good but you might end up with a sour taste in your mouth if you find your claim denied by the Tax Office.