For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance. However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on certain non-cash benefits provided to employees in connection with…
Ensure you’re up to date on how to claim your working-from-home expenses! As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to you when it comes to claiming. If part of your role allows you to work from home, you may…
For businesses operating in Australia, navigating the intricacies of the Fringe Benefits Tax (FBT) is essential to ensure compliance with tax regulations and minimise financial liabilities. FBT is a tax paid on certain employee benefits in addition to their salary or wages. From understanding what constitutes a fringe benefit to managing FBT reporting requirements, here…
The Sharing Economy Reporting Regime (SERR) represents a significant development in Australia’s tax landscape, requiring certain businesses operating in the sharing economy to report specific transactions to the Australian Taxation Office (ATO). Commencing from 1 July 2023 for selected industries and expanding further from 1 July 2024, SERR aims to enhance tax compliance, increase transparency,…
The recent spate of extreme weather events during the summer in various parts of Australia has presented unprecedented challenges for small businesses. As a result, the pressing concerns they face may not necessarily revolve around their tax obligations. However, amidst these trying times, business owners must be aware of the tax implications associated with the…