At Chi & Associates we provide tax returns for Individuals, Partnerships, Companies, Trusts, and Not-for Profit Organisations. We can help you get on top of late tax returns, often without late lodgement penalties. We also specialise in Capital Gains Tax and Fringe benefits tax.
What Tax Consulting we do
Capital Gains Tax
Capital Gains Tax (CGT) is applicable when the sale of a capital asset has earned you assessable income. You should not pay if you have made a capital loss on your income for the financial year.
Capital gain or loss is calculated by finding the difference between what the acquire cost of the asset was and what you received when you disposed of it. If you are a company you pay 30% on your capital gain, individuals rate is paid the same as their specific tax rate for that year.
If you are an individual you may be entitled for a capital gains tax discount, if you have owned the asset for over 12 months than you will be able to make full use of it. We can help you determine how much CGT is necessary to pay, contact us today!
Fringe Benefits Tax
Fringe Benefits Tax or FBT is required when employers provide certain benefits to their employees or employee’s family or other associates. Some examples of employee benefits include, use of a work car for private purposes, benefits under a salary sacrifice arrangement with an employee, reimbursement of expenses incurred by an employee, free tickets to concerts or other entertainment, and paying for an employees gym memberships.
FBT is separate to income tax and is calculated based on the tax value of the fringe benefit. Employers are required to self-assess their FBT liability from 1 April to 31 March, and lodge an FBT return.
