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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…
Are you ready to purchase your first home? It seems many fellow Australians are taking the plunge. According to a recent Mozo survey of the 10.3 million properties in Australia, and six million have a mortgage. While it’s exciting, the prospect of taking out a home loan can be intimidating. However, learning a few simple…
Virtually every industry in the country has taken a massive economic hit as a result of the Covid-19 pandemic. From businesses being unable to operate through to demand disappearing overnight, many organisations are facing a parlous future. Both property developers and property owners have been adversely affected by the pandemic: with construction slow or non-existent,…
If you own a business, then these are uncertain financial times due to the impacts of coronavirus (Covid-19), and it can be difficult to find accurate information about what assistance is available to you. The Australian Government, the Reserve Bank of Australia and the Australian Prudential Regulation Authority have recently announced new initiatives to assist…
To support businesses in need of a quick cash flow injection to stay open and keep people in jobs, NAB has announced a new Business Support Loan The Business Support Loan will enable eligible businesses to apply for a loan of up to $250,000 at 4.5% p.a. from NAB with no repayments required in the first…
Nearly everyone is suffering in some way or another from the COVID-19 pandemic. Even those not directly infected by the illness are seeing their livelihoods dry up as businesses are forced to close, or simply have no customers due to social distancing and other preventative measures. For some workers, especially those who have been laid…