2. Don’t Lodge EarlyThe Australian Taxation Office is warning taxpayers against rushing to lodge their tax returns on 1 July. The ATO said those who lodge in early July are twice as likely to make a mistake in their tax return than those who wait for pre-fill information to populate, an issue that is particularly relevant if you receive…
A reminder that if you have employees (including yourself as a company director/ secretary, if applicable) and you provide motor vehicles, car parking, entertainment including food and drinks, employee discounts, loans, phone and/or internet access, or the reimbursement of private expenses, then you are likely to be providing a fringe benefit and will need to…
FBT 2021: Tax & Employee Benefits Fringe Benefits Tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome, expensive and generates a lot of paperwork. Unfortunately, the COVID-19 lockdowns we’ve endured have added another layer of complexity as many work patterns and behaviours have changed. As we’ve previously discussed, a fringe benefit is…
Continue reading Returning JobKeeper, FBT and Covid Vaccinations and the workplace