As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimise your tax position.

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf.

For the many business owners who operate their affairs through discretionary trusts, there have been further developments on the ATO’s planned crack down on certain distributions.

A common question facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can be used, with each having unique taxation treatment.

The personal property securities register (more commonly known as the PPSR )is an official government register. It’s effectively a public notice board of security interests in personal property (see below) that is managed by the Registrar of Personal Property Securities.

Superannuation is an investment vehicle specifically designed to help you save for retirement - this is one of the key reasons why you should take an interest in your superannuation. Whether you’reemployed, self-employed or even nearing retirement, it’s never too late to build up your superannuation to boost your retirement savings.

The Small Business Energy Saver Program is supporting Victorian small business owners to save on energy efficient equipment. It will deliver $5 million in discounts to small businesses across Victoria who upgrade to energy-efficient equipment.

The Victorian Government has partnered with 14 suppliers to help you build or upgrade your website, improve your cash flow, start online marketing, manage your jobs and projects, and keep better track of stock. The 14 supplier suppliers include Xero business management & finance software, Squarespace for website creation and Square for end-to-end retail.

The Ventilation Grant enables eligible public-facing businesses to invest in large projects to improve ventilation, such as building works, engaging professional services or purchasing equipment. Grant funding will be matched dollar for dollar with the business, between $1000 and $5000.

Pandemic Leave Disaster Payment is a lump sum payment to help you during the time you can't work and earn income because you have to:

• self-isolate or quarantine due to COVID-19

• you're caring for someone who has to self-isolate or quarantine due to COVID-19.

If you hire new employees, you may be eligible to receive payments under the JobMaker Hiring Credit scheme. If you and your new employees are eligible, you can register and then claim JobMaker Hiring Credit payments for 12 months for each new job filled.

The SME Recovery Loan Scheme enables small and medium-sized enterprises (SMEs) to access Loans up to $5 million to get through the impact of corona-virus, recover and invest for the future.

Boosting Apprenticeship Commencements wage subsidy supports employers of any size to take on new apprentices or trainees. Any business that engages an Australian Apprentice between 31 March 2022 and 30 June 2022 may be eligible for a subsidy of 50% of the apprentices gross wages paid. The subsidy is for a maximum of $7000 per quarter, per eligible apprentice, for wages paid in the 12-month period from the date they start.

The Regional Jobs Fund (RJF) looks to support projects which create employment opportunities across industry sectors where regional competitive advantage exists. The RJF provides Victorian Government financial assistance primarily to businesses seeking to develop and expand operations in regional Victoria.

Keeping good business records is important for a number of reasons. It assists you to: comply with your tax and superannuation obligations, gain a greater insight into the financial health of your business, enabling you to make informed decisions, manage your cash flow and demonstrate your financial position to prospective lenders, and also potential buyers of your business

Are you an employee thinking of putting some of your pre-tax income into superannuation to boost your retirement savings? This is known as salary sacrifice, and the good news is that it can benefit you and your employer.

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf

The ATO has just updated its guidance around trust distributions made to adult children,corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to be legitimate arrangement.

Uber and other ride-sourcing facilitators have become increasingly popular over recent years. From a driver’s standpoint, there are a number of tax issues potentially in play. See overleaf for the tax implications from a rider’s perspective.