CIIC and APRA-AMCOS have gotten together to create GENERATE to invest in Australian music enterprise. GENERATE is a pilot program to support enterprises in the Australian music industry which are seeking to grow and attract investment.

If this sounds like you, please see here for more information.

If you are having a Christmas party for your staff then you'll need to consider the potential Fringe Benefits Tax (FBT) implications. FBT basically covers any benefit provided to an employee (or an associate of an employee, like a spouse or child) that isn't salary & wages. This could be a company car or the provision of meals (either in or out of the office).

There are a few exemptions that can get you out of paying FBT in relation to your Christmas party as follows:

• Exempt property benefits - if you're having the Christmas party at the office for current employees during regular office hours then there is no need to worry about FBT,
• Exempt minor benefits - if you're having the Christmas party at an external venue (restaurant, pub, etc.) and the cost per head is under $300 then there is no need to worry about FBT. This covers staff and their associates. Note that the $300 threshold is per benefit, so the Christmas party would be considered separate to any gift given to an employee.

As always, the above is a general guide only and does not constitute advice. If you think this may apply to you then you should speak with your accountant.

To all those emerging musicians out there - the City of Sydney are offering some free talks this week on how social media impacts upon music businesses and how it can be best utilised. See here for more information.

We are currently assisting a prominent music industry client placing an accountant in their Surry Hills office. The successful candidate will report directly to the CFO and will be responsible for the supervision of administration support staff amongst a variety of other duties.

 

If this sounds like you, please apply via our listing on SEEK here.

It is November so that means terrible moustaches, both ironic and not, all over our fair land. Hugh here at Moneypenny has banded some of the fellas together to get involved - what a guy!? He has since discovered the rest of us fellas are a bit flakey when it comes to adding/removing elements of facial hair so he'll be going it alone. Again, I say - what a guy!?

If you feel inclined to donate to the worthy cause that is men's health, feel free to do it here.

The issue of superannuation is very much on the ATO's radar at present. In fact, this issue was flagged as a key focus area in the ATO's 2011/12 Compliance Program and, to this end, the ATO are continuing to conduct field visits to indentify whether individuals are being incorrectly engaged as contractors.

If you are a contractor that is paid primarily as a reward for your labour there is a good chance that your employer should be making 9% superannuation contributions on your behalf.

Alternatively, if you are an employer of contractors principally for labour, then you may be liable to pay superannuation on behalf of your contractors.

Please have a read of the document below and contact your accountant should you have any further questions.

Superannuation for Contractors

 

The ATO have released the 2011-2012 lodgement program, which lists the due dates for BAS work and income tax returns. This information will be of interest to you if you, like most people, have a 15 May 2012 lodgement date. Taken straight from the ATO information:

 

Individual and trust returns due 15 May 2012 only

Staggered payment date arrangements exist for individual and trust clients whose income tax returns have a lodgement end date of 15 May 2012. Your client's payment due date will depend on when their income tax return is lodged and processed. If the return is:

• lodged up to and including 12 February 2012 - the payment date is 21 March 2012
• lodged from 13 February 2012 to 12 March 2012 (inclusive) - the payment date is 21 April 2012
• lodged from 13 March 2012 to 15 May 2012 - the payment date is 5 June 2012

 

So, what does this mean for you? Assuming you have a 15 May 2012 lodgement deadline, then simply holding off on the physical lodgement of your return until after 13 March 2012 (but before 15 May 2012) could result in you having more time to pay your tax bill.

As always, this doesn't constitute advice as everyones situation is different. Please contact your accountant to discuss the matter further.

Time to head over to the Inside Film website and cast your vote for your favourite Australia film, music clip, and all the rest before voting closes TOMORROW at 5PM!

 

mOneypenny business & tax services would like to welcome our two newest staff members, Simon Akiki and Hugh Sanson, onto the team. Simon hails from Sydney's southern beaches and Hugh has abandoned life in the sunshine state to join us here at Fox Studios.

Welcome aboard.

Now is the time to get your 2011 EMDG application sorted out.

• Maximum grant this year is $150,000, with a first payment of $50,000
• The minimum spend to lodge is $20,000

It is recommended to arrange lodgement of your application by 30th October 2011. Contact Export Incentives for more information.