Christmas is just around the corner. It’s a time for festivities and good cheer, but it can also be a time for undue stress and expenses. Additional costs may arise when it comes to your businesses Christmas party, staff holidays and gifts for clients and employees. Here are some tips to help you with your Christmas budget.
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.
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.
If you haven’t registered your domain name, it might be time to secure that because anyone can register your business name with an .au domain name. This way you’ll safeguard your businesses brand identify on the internet. Find out why in our short report.