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.
In the 2020 Budget, the federal government initiated several stimuli to keep business moving. One of these was the provision to fully expense eligible items for the cost of assets in the year the asset was first used or installed ready for use to a taxable purpose. This initiative was set to end on 30 June 2022, but has now been extended for a full year, until 30 June 2023.
Should you hire your spouse or hire an employee instead? Many small businesses hire spouses to help you with the books, perform administration tasks or even as partners. At first glance, hiring a spouse is a good idea, but don’t forget to understand how this impacts STP, superannuation and tax offsets.
Tax time is upon us. Savvy small businesses around Australia should have rounded up 2022 and started their planning for 2023. In our short report, we detail what you should know about Covid stimulus payments, temporary full expensing and loss carry back and revenue goals.