News & Tax Insights

Question: stock on hand

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Question: Our client is a share trader. Can he adopt either cost or market value for his closing share trading stock on hand? Answer: Yes. It is treated in the same way as stock on hand would be treated for a retailer.

Question: salary sacrifice

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Question: What is the total salary sacrifice we can claim in relation to gross wages for all staff? Would salary sacrifice result in reduced requirement for child support? Answer: There is no limit on the amount of salary which can be sacrificed, from a taxation perspective. The requirements are that the arrangement must be entered into before the wages are earned. However, keep in mind any award or other industrial instrument obligations. If you allow an employee to sacrifice her salary to the extent that the actual salary received falls below the award wage, you run the risk that the employee…

CONSULTING ACCOUNTANTS . TAXATION SPECIALISTS . BUSINESS IMPROVEMENT