Fringe Benefits Tax – Tax Facts
The following methods could be employed to decrease FBT: • Encourage employees to contribute towards the cost of the benefit. • Maintain a logbook. • For cars acquired before 10…
The following methods could be employed to decrease FBT: • Encourage employees to contribute towards the cost of the benefit. • Maintain a logbook. • For cars acquired before 10…
To avoid the high cost of FBT, many employers choose to provide a car allowance to their employees, typically ranging from $15,000 to $20,000. Although this allowance is subject to…
High-wealth individuals who operate their businesses through a company structure should consider retaining funds within the corporate entity instead of receiving a wage or dividend to stay below the $250,000…
If you enter into a salary-sacrifice arrangement, your income tax liability should decrease compared to not entering into the agreement. However, before committing into any arrangement, it's crucial to consider…
If you have a second job, you may be eligible to claim the expenses of traveling directly between two distinct places of work. Nevertheless, the expenses incurred for traveling from…
Although payroll departments typically calculate redundancy and termination payments accurately, mistakes can occur. Unfortunately, these errors can sometimes be significant, with miscalculations exceeding thousands of dollars in some cases. As…
"According to the ATO, a bona fide redundancy payment is defined as compensation received by an employee under the age of 66 upon being dismissed from their job due to…
The ATO has provided a set of straightforward guidelines to ensure the accuracy of your claim for work-related expenses: • The expense must have been incurred during the year for…
The ATO is aware of fraudulent emails and SMS messages that may appear to be from an @ato.gov.au or similar senders, falsely claiming to be sent from the 'Australian Tax…
Individuals with uncomplicated tax affairs are only required to keep their records for two years. This applies if their income is solely from salary or wages, interest, or dividends within…