Fringe Benefits Tax (FBT) The fringe benefits tax year runs from 1 April to 31 March – and if your business provided any non-cash benefits to employees or their family members during that period, an FBT return may be due. The lodgement deadline is 21 May, so now is the time to check whether this …
Preparing For EOFY The end of the financial year can sneak up on even the most organised business owners. With June 30 just around the corner, now is the time to get proactive about your business’s financial position, compliance obligations, and any strategic decisions that could benefit from being actioned before the year closes. Review …
Are You Accurately Reporting Cash Income? The ATO Is Watching Cash flow is the lifeblood of any small business. And for many businesses – particularly in hospitality, trades and personal services – that includes a mix of card and cash payments. From time to time, headlines hit the stands, reminding business owners not to “hide” …
Fringe Benefits Tax (FBT) Fringe Benefits Tax (FBT) applies to most non-cash benefits provided to employees in addition to their salary or wages. For employers, understanding FBT is essential to stay compliant, avoid penalties, and manage the financial implications of providing benefits. What Is Fringe Benefits Tax? FBT is separate from income tax and is …
Keeping FBT Simple Fringe Benefits Tax (FBT) applies to most non-cash benefits provided to employees in addition to their salary or wages. For employers, understanding FBT is essential to stay compliant, avoid penalties, and manage the financial implications of providing benefits. What Is Fringe Benefits Tax? FBT is separate from income tax and is paid …
Claiming Vehicle Expenses As a business owner, one of the perks is the ability to claim tax deductions for expenses related to motor vehicles used in your business operations. This includes cars and certain other vehicles that play a role in running your business smoothly. The good news is that claiming motor vehicle expenses can …
Car Related Tax Deductions If you use your car for work, you can claim the costs associated with this – but only if you own the car you use. It is not possible for you to claim anything if your car is owned by your employer or part of your salary package. If you do …
ATO Hot Spot Focus The ATO focuses every year on certain hotspots where taxpayers are prone to making mistakes – either accidentally or deliberately. What is expected to be on the ATO’s list this year? There are two main areas they will examine; work-related expenses and claims made by investment property owners. There is a …
2023 Tax Return This year, things have changed and many people will receive much lower refunds than they did last year. Those who are affected by this change may be interested in knowing some of the reasons and what they can do to change it. It is possible for tax rules to change from year …
EOFY As the financial year comes to a close, now is the time to visit your accountant or tax advisor to discuss tax planning for your business in 2023. At the end of every financial year, business owners should be reviewing and measuring their performance in comparison to the previous year. By regularly reviewing this …