Welcome to our January monthly newsletter!

Happy New Year! We hope you all had a great Christmas with your families. The Chesterton Accounting Team will be back next week on Monday, the 10th of January at 8.30am.
Head on over to our website
Monthly tax tip:

Vaccinations have been a hot topic lately and we have been answering a number of questions surrounding deductibility as there is a lot of confusion with this expense. Vaccinations are considered a private expense and therefore cannot be claimed as a tax deduction (even if it’s required by your employer/industry). Vaccination incentives are becoming popular among employers and would be treated for tax purposes as following:

Cash Payments:
If a cash payment is received for getting a vaccine then it should be treated as a bonus which should be included in the employees’ payslip with the appropriate tax withholding applied.

Non-cash Benefits:
If an employee receives a benefit for getting a vaccine (e.g. gift certificate, tickets, vouchers) then they would not need to declare that as income on their tax return however it may be treated as a reportable fringe benefit. Fringe benefits tax would not be payable as long as the benefit is offered and available to all employees.

Paid Leave:
Paid leave can be provided to employees to be able to get a vaccine and possibly also to recover from any side effects. This would be treated as usual paid leave and tax would be withheld from the payment.

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.

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Important Dates!

10 January:
  •       Chesterton Accounting office will be open again!
21 January:
  •       Lodge and pay December 2021 monthly business/instalment activity statement*
28 January:
  •       Make super guarantee contributions for quarter ending 31 December 2021 to funds by this date
*There is a lodgement concession for small business clients with up to $10 million turnover – lodgement of December 2021 monthly activity statement will be due 21 February
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