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Fringe Benefits Tax – does this apply to you?

As we find ourselves in the midst of the FBT season, we wanted to chat about what FBT is, and if this applies to you! Fringe Benefits Tax (FBT) is tax that is paid by employers to cover certain benefits provided to their employees. Please note, this is separate to Income Tax. What…

Superannuation is Due for the September 2023 quarter

This is just a reminder, for anyone that has employees, that the Superannuation for the September 2023 quarter is due! It is a legal requirement to pay super for eligible employees, so please read the information below on requirements and due dates. Please see due dates for superannuation below: If you are processing superannuation…

Working From Home – how to log your hours for the 2024 Year

The Australian Taxation Office have changed the way taxpayers claim deductions for costs incurred when working from home. Taxpayers can choose one of two methods to claim working from home deductions. The methods are: Actual Cost Method Fixed Rate Method While the “Actual Cost Method” hasn’t changed from previous years, the “Fixed Rate…

Small Business ATO Boost

The Australian Taxation Office has offered two new boosts this year for small businesses. The boosts are Small Business Technology Investment Boost & Small Business Skills and Training Boost. We have gathered some information below about these boosts, so feel free to have a read to determine if they apply to your business. Small…

What You Need to Know About 2023 Fringe Benefits Tax

Fringe benefits tax (FBT) is tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates. If you are an employer and have employees, you may need to lodge a Fringe Benefits Tax (FBT) return. The Fringe benefits tax year ends on 31 March 2023. …

Director ID requirements for all Directors of Companies

Are you a Director of a company? If so, then you are required to complete a Director ID by 30 November 2022! This is compulsory and needs to be completed by 30th of November 2022! ASIC have advised that hefty penalties will be applied if your Director ID is not completed in time. A Director…

2022/23 Federal Budget & What It Means For You!

This week, the Australian Government have released the 2022/23 Federal Budget. Today, we would like to break it down for you so you can get a better understanding of what it means for you & your business. Increase to low and middle income tax offset (LMITO) Announced is a once-off $420 cost of living tax…

Stapled Super Fund – what you need to know

From 1 November 2021, if you have a new employee start and they don’t choose or provide a super fund to you, you may need to request their “stapled super fund” details from the Australian Taxation Office. A stapled super fund is an existing super account linked to an individual. This super account will follow…

Director ID requirement for ALL Companies

There are important changes for all directors of companies that will need to be implemented. Anyone that is a director of a company will now need a Director identification Number (Director ID). A Director ID is a unique identifier that you will need to apply for to prevent fraudulent directors identities. You will only need…

Business Costs Assistance Program Round Four – Construction

Earlier this month, the Victorian Government announced that there will be a grant available to businesses in the construction industry. This grant is called the Business Costs Assistance Program Round Four – Construction, which is now open for applications! Businesses must have incurred direct costs due to the lockdown of construction sites from 21 September…