December 2022 Newsletter
A MESSAGE FROM OUR DIRECTORS...
In a blink of an eye, 2023 is upon us - what a time to be alive! 2022 proved to be another big year for our team at Milanese & Co. This year saw us celebrate our 5th Birthday only last week, welcome many new staff members which have brought with them a wealth of knowledge and experiences and officially open our Northgate office. Janine is predominantly based in our Northgate office, but also assists with servicing many of our Gawler based clients with her solid taxation background and client focused service.
Whist 2022 has presented some difficult times with the rising interest rates and cost of living; we have been given some great opportunities to assist clients through some of their biggest achievements and provide them with greater options. We have supported a number of clients through selling and purchasing of business’, acquiring commercial property’s and creating succession plans for the future. We have also had the opportunity to assist one of our small business clients through their exciting growth and expansion of their business with a franchise interstate underway.
Rob was presented with the opportunity to show off his cricket skills by participating in the Hope Cup Cricket Match. The match raised $19,622 with all funds going to the Salvos to support our community and make a difference in the lives of those doing it tough in our area. It was a great day with plenty of laughs and although we lost the match the end result with the money raised will make a positive difference within our community.
Our thoughts go out to those families that have been impacted or are preparing for the impact of the floods.
We take this opportunity to thank all of our clients, and networking partners for your ongoing support. We hope you all get to enjoy the Christmas and New Year break! Bring on 2023!
Robert Milanese and Adam Taylor – Directors of Milanese & Co Accountants
FBT = THE CHRISTMAS GRINCH!
Christmas is coming and it’s definitely a good time to party! We thought it was important to do a recap on the FBT rules which apply to Christmas parties and gifts.
Key things to consider for your work Christmas party include:
FBT is EXEMPT if the value of the gift provided to an employee is less than $300 (GST inclusive)
FBT EXEMPTION applies when a Christmas party is not held on the employer’s premises if the cost of the party is below $300 (GST inclusive) per employee
EXEMPT from FBT and the $300 threshold does not apply when a Christmas party is held on the employer’s business premises and on a working day.
A TAX DEDUCTION and GST Input Credits can be claimed on “non-entertainment” gifts – ie. Christmas hampers, bottle of wine, gift vouchers etc.
The $300 threshold applies to EACH benefit provided not a total
Christmas parties are considered entertainment and even though may be exempt from FBT are also not deductible for tax purposes and GST is not able to be claimed also
If you have any questions about FBT, please contact our office to discuss with one of our accountants will be happy to assist.
FBT EXEMPTION FOR ELECTRIC VEHICLES PASSED
The FBT exemption for Electric Vehicles has now been passed by both of Parliament.
The exemption will cover zero and low emissions cars, with a value below:
The LCT threshold for fuel efficient vehicles ($84,916), being: Battery electric vehicles
Hydrogen fuel cell electric vehicles
Plug in hybrid electric vehicles.
Salary packaged cars qualify in the same way as other employer provided cars. The exemption applies retrospectively from 1 July 2022.
Please give our office a call if you would like to discuss this Bill and how you can utilise the benefits of it with one of our accountants.
REMINDER FOR SINGLE TOUCH PAYROLL (STP) PHASE 2
Most employers would be familiar with Single Touch Payroll. Phase 2 of STP reporting was introduced on 1 January 2022, however most software providers secured deferrals.
MYOB and Quickbooks users, IT'S TIME to make the move to STP Phase 2! You are required to ensure you are STP Phase 2 reporting by 31st December 2022. Whilst XERO users have until 31st March 2023 and Reckon users have until 30th June 2023.
If you haven’t already started the additional reporting required for STP Phase 2, it's time to make the transition. As always, if you have any questions about any of the above, or require assistance to make the transition, please don't hesitate to contact our office to discuss.
CHRISTMAS CLOSURE
Milanese & Co will be taking time to recuperate with our loved ones before embarking on the challenges that await us in 2023. Our office will be closed from 12pm on Thursday 22nd December and re-open on Monday 9th January at 8:30am.
CHRISTMAS RECIPE – HEDGEHOG SLICE
Ingredients
100 g butter
395 g sweetened condensed milk
150 g dark chocolate melts or block
250 g plain sweet biscuits crushed (like Arnott’s Marie)
½ cup (50g) desiccated coconut
2 tbs cocoa powder
Sprinkles
Instructions
Grease and line an 18cm x 28cm slice tin with baking paper and set aside.
Place the butter, sweetened condensed milk and dark chocolate melts into a microwave-safe bowl. Heat on 50% power, 3-4 minutes, (stirring every 30 seconds), or until melted. Stir well.
Add the crushed biscuits, coconut, and cocoa powder and mix well.
Spread the mixture evenly into the prepared tin, pressing down firmly.
Scatter sprinkles over the top of the slice and refrigerate for a minimum of 3 hours.
Cut into slices and store in an airtight container in the fridge.
CHRISTMAS JOKES
What did the wise men say after they offered up their gifts of gold and frankincense?
Wait, there's myrrh.
What do you call an elf that runs away from Santa's workshop?
A rebel without a Claus!
What does Santa suffer from if he gets stuck in a chimney?
Claus-trophobia!
