FBT
FBT Record-Keeping New options are being introduced to streamline this process, allowing small businesses more flexibility and efficiency. Let’s dive into these new record-keeping methods and how they can benefit your business. Simplified Record-Keeping Methods The ATO now offers several simplified methods for managing FBT records, aimed at reducing the administrative burden on small businesses. …
Do you employ contractors in your business? As a business owner, paying contractors to provide services is a common practice. However, it’s essential to understand your obligations to ensure compliance with Australian Taxation Office (ATO) regulations. Here’s a guide to help you navigate the requirements and avoid potential pitfalls. Distinguishing Employees from Contractors First, it’s …
Family Trusts A family trust is simple but has complex implications for business and tax. This guide explains what a family trust is and how it can benefit you. A family trust is a legal arrangement where a trustee manages assets for a group of beneficiaries. Unlike companies or partnerships, a family trust is a …
Trust Tax Returns Managing a trust comes with its share of responsibilities, especially regarding tax compliance. To assist trustees and administrators, the ATO has provided a checklist that can be used to streamline the tax process. This is a crucial tool for ensuring that the trust’s affairs are managed efficiently and effectively in accordance with …
Understanding Fringe Benefits Tax (FBT) And What It Covers For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance. However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on …
Tax Treatment of Common Fringe Benefits As a part of your employees’ employment contracts, do they receive benefits such as a car space, gym membership or even a car to drive? These are what’s known as fringe benefits, which is a ‘payment’ to an employee that takes a different form to salary or wages. This …
FBT and Your Business As a part of your employees’ employment contracts, do they receive benefits such as a car space, gym membership or even a car to drive? These are what’s known as fringe benefits, which is a ‘payment’ to an employee that takes a different form to salary or wages. This incurs a …
Bloggers, Social Media Influencers and Tax Firstly, you need to be blogging as a business, rather than a hobby. It means that you regularly earn money from blogging, either through direct fees or sponsorships from the companies about which you write. If you operate on a pay-per-view model, you can also earn revenue from subscriptions …
Holiday Season and FBT At the end of the year, you may be looking for extrinsic ways to thank your hardworking employees or faithful customers/clients. A work Christmas/end-of-year party may be a method employed by many businesses to demonstrate their gratitude towards staff, but the expense can be a deciding factor. Christmas/holiday parties are regarded …
Electric Vehicle FBT Exemption In the news, electric cars have been getting a lot of attention. A car that was once the preserve of the elite is now more common on the streets. One-third of all electric vehicle sales in Australia occur in New South Wales alone. Since the government’s election in May, there have …