13.12.23
The Insights published on our website have been written by our professional staff strictly for educational purposes.
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Fringe Benefits & Cars: A Guide for Employers
It is a common practice for organisations to allow employees to use business vehicles for private purposes. This is considered an additional benefit received by the employee that differs from their salary or wage. Such additional benefits are known as fringe benefits, and employers are entitled to pay tax on them as of 1986. In…
Who Pays Fringe Benefits Tax?
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…
The Fringe Benefits Tax Assessment Act of 1986 & How It Affects You
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…
What Is a Fringe Benefit? A Guide
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…
Other Insights from Pherrus
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What Can I Claim on Tax: A Comprehensive Guide for Small Businesses
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…
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Tax Brackets Australia 2024-2025: New Updates and Cost of Living Benefits
Unfortunately, we’ve all been feeling the pinch of the rising cost of living in Australia. We could use some good news in this regard, right? Well, here it is! The Australian Taxation Office (ATO) has updated the tax rates and brackets for the 2024-2025 financial year. With these adjustments, many Australians will see a reduction…
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What Is Equity, and How Can It Transform Your Finances?
Your home is more than just the place you live; it’s a goldmine quietly increasing in value. Property equity is a powerful asset that can offer you financial security and unlock exciting opportunities in ways you might not have imagined. What is equity, how does it work, and how can you leverage it to your…