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Fringe benefits tax (FBT) is paid by employers on certain benefits they provide to employees. These benefits include non-salary ‘payments’ to employees – such as gym membership payments, discounted loans, or reimbursements for expenses incurred by the employee. Sometimes these benefits may also be given to the employee’s family or other associates. FBT is payable…
Understanding the answer to ‘how much tax do I pay in Australia?’ is key to ensuring you’re meeting your obligations as a private individual or as a business owner. By gaining clarity on what you will owe and knowing ahead of time what to set aside money for, you can prevent yourself from facing a…
Companies and Commonwealth entities are required to pay fees to the Australian Securities & Investment Commission (ASIC). These fees include those for company registration and annual review. It’s important you make your ASIC payments on time to avoid further expenses or complications.
Pay-as-you-go (PAYG) instalments are recurring prepayments of the tax on your investment income or company. Upon entering the PAYG Instalment System you will have to pay PAYG Installments every 3 months. How Do PAYG Instalments Work? What are PAYG Income Tax Instalments and how do they work? Pay As You Go (PAYG) Instalments is a…
A failure to lodge notice is a communication issued by the ATO (Australian Taxation Office). FTL notices are issued to those who are obligated to lodge a return, statement or report by a particular date but fail to do so. Australians who fail to lodge their tax return on time could face a fine.
A General Interest Charge (GIC) is a demand for unpaid tax debts from the Australian Tax Office (ATO). You can receive a GIC for several reasons, including late payment or non-payment of taxes. Receiving a GIC can be shocking and you most likely have a lot of questions about what is about to happen.
Imagine you’ve just invested in a property with the plan to develop it and sell it on for a profit, when you’re asked to pay goods and services tax. Australia doesn’t have a universal “property tax”, rather, there are many sorts of taxes that apply to different circumstances. If you’re buying, selling, investing, or simply…
Tax is one of those living expenses that we might not necessarily like paying, but is essential in helping society to function properly. Taxes help both the national or federal and local governments pay for essential local services and projects.
Does your business owe ATO tax? If your operation owes the tax office $100,000 or more, details of your debt could be passed on to credit reporting agencies by ATO. A debt of this size showing up on your credit report might seriously affect your ability to borrow, potentially putting your future business plans in…
In response to the damage which businesses have suffered due to the effects of the Covid-19 pandemic, the government has introduced a suite of measures designed to provide an economic stimulus, promoting growth and recovery. One of these measures related to a temporary increase in the instant asset tax write-off value. Intended to enable businesses…