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With Christmas around the corner, you might be considering throwing a party or two for your employees. Before you secure the venue and put your food order in, make sure you know your fringe benefits tax implications.
It’s more important than ever to make sure that your data is protected against hackers and scammers. Here are some straightforward ways to protect your data and devices from threats.
Read everything you need to know. Our short report details the latest rules on WFH tax deductions and what you’ll need to be aware of for the upcoming tax season. Preparation is the best way not to leave money under the table.
Did you know if you pay your employees to reward o motivate your staff, these fringe benefits will incur tax and you will need to report the amounts in your quarterly BAS?
Providing your employees with Fringe Benefits is a great way to let your staff know that you recognise and appreciate their contributions towards your business, but you have to understand, it’s not just a giveaway. Any extra benefits or perks you provide to your employee is seen as a part of their wage or salary and is deemed taxable income in the eyes of the ATO.
As an employer, you want to reward your staff for their efforts, but there’s more to paying your staff than PAYG and superannuation. You may incur Fringe Benefits Tax that you and not your staff, will have to pay.