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We all know the old saying, “You’ve got to spend money to make money”. Small business owners know it particularly well! You invest a large amount of financial capital into your business to generate profit, like purchasing equipment, hiring employees, and marketing your products or services. These expenses and more can be claimed as tax…
If the finance world were a superhero movie, in one corner, you’d have the Actuary, master of foreseeing financial risk. In the other, the Accountant, guardian of financial health and stability! Both deal with finances and are superheroes in their own right, but their powers are quite different. Let’s find out the actuary vs accountant…
Imagine scrolling through a seemingly endless list of job postings, your eyes almost glazing over from the repetitiveness of them all. Each one is offering the same thing- a decent salary and standard holiday time. But suddenly, one stands out from the pack! It’s offering much more. A laundry list of perks- accommodation, a company…
As a small business owner, the prospect of a workers comp audit can be daunting. With the complex regulations and paperwork required, it’s easy to feel overwhelmed and anxious. With Pherrus Financial Services on your side, you can breathe easy. We will help make the audit process simple and stress-free for you. Contact us today…
Reportable fringe benefits and salary packaging are crucial aspects of employment that impact both employers and employees. Understanding the rules and regulations surrounding these benefits is essential for ensuring compliance with tax laws and maximising the value of compensation packages. In this article, we’ll delve into the key concepts of reportable fringe benefits and salary…
Fringe Benefits Tax (FBT) is tax employers must pay on non-cash benefits provided to their employees, their families, or associates. Reportable fringe benefits include company cars, low-interest loans, private health insurance, and entertainment expenses. Are you an employee or employer in Australia wondering- how does fringe benefits tax work? Read on for more information. How…
The Australian government passed the Fringe Benefits Tax Assessment Act in 1986 to make sure that employers pay the right amount of taxes when they give their workers certain benefits. This act is important for employers because it spells out the rules and regulations for providing these benefits and makes them pay their fair share…
A fringe benefit is a form of compensation provided to employees that goes beyond their normal salary or wages. These benefits can include things like health and dental insurance, life insurance, disability insurance, housing allowances, education assistance programs, childcare programs, employee discounts, and more. Fringe benefits are usually provided by employers to attract and retain…
If you are in the process of buying a property, you may have heard that Lenders Mortgage Insurance (LMI) may be required if you are planning on taking out a home loan with your bank. However, if this is your first time buying a home, you may be wondering what LMI is? An LMI meaning…