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If you operate any form of asset or service-sharing platform, you need to know about the recent change in tax law. This applies to ridesharing or taxis and short-term accommodation. From July 2024, it will also be rolled out to meal delivery platforms, and all other task-based services, assets and supplies within what is known…
Many of us use online platforms to find short-term holiday rentals, or to rent out a property for a little extra income. But did you know that any rental income that you earn in this way has to be declared to the tax office, and if you earn rental income on your primary place of…
Is your business facing a mountain of debt and struggling to keep up with payments? Have you recently received a statutory demand? This formal legal document demands payment from whoever your company owes money to, be it a creditor or the Australian Taxation Office (ATO).  If you have, you’re understandably feeling overwhelmed and stressed. But…
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…
If you’re an employer in Australia, you must pay taxes on reportable fringe benefits provided to your employees, as benefits are considered part of their salary. However, you can claim an income tax deduction for the cost of offering fringe benefits and the corresponding fringe benefits tax (FBT) you pay. In this guide, we’ll find…
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…
As an employer, it’s essential that you understand the answer to “what are reportable fringe benefits in Australia?” to ensure you’re paying all necessary tax. In line with the ATO’s guidelines, there are specific rules and regulations for paying fringe benefits tax. We cover everything you need to know in our quick-start guide for employers,…
If you’re an employer, you’ve likely already explored fringe benefits in some capacity. But if you want to know all the details of ‘what is exempt reportable fringe benefits?’ in one location, our handy guide is an excellent place to start. By understanding what is exempt from reportable fringe benefits Centrelink, it’s a far quicker…
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…