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If you’re an employer in Australia, you must pay taxes on reportable fringe benefits provided to your employees, as benefits are considered part of their salary. However, you can claim an income tax deduction for the cost of offering fringe benefits and the corresponding fringe benefits tax (FBT) you pay. In this guide, we’ll find…
As an employer in Australia, you’re required to pay fringe benefits tax (FBT) on benefits you provide your employees or their associates, on top of their salary or wages. Read on for quick and easy-to-understand answers about fringe benefits taxes. Which Fringe Benefits Are Exempt? Some fringe benefits exempt from fringe benefits tax (FBT) can…
As an employee in Australia, it’s essential to know what fringe benefits are and how you and your employer must report them to the Australian Taxation Office (ATO). This article will explain what constitutes total reportable fringe benefits amounts, where to list them on your tax return, and how your fringe benefits reporting is affected…
As an employer, it’s essential that you understand the answer to “what are reportable fringe benefits in Australia?” to ensure you’re paying all necessary tax. In line with the ATO’s guidelines, there are specific rules and regulations for paying fringe benefits tax. We cover everything you need to know in our quick-start guide for employers,…
If you’re an employer, you’ve likely already explored fringe benefits in some capacity. But if you want to know all the details of ‘what is exempt reportable fringe benefits?’ in one location, our handy guide is an excellent place to start. By understanding what is exempt from reportable fringe benefits Centrelink, it’s a far quicker…
Fringe benefits tax (FBT) is paid by employers on certain benefits they provide to employees. These benefits include non-salary ‘payments’ to employees – such as gym membership payments, discounted loans, or reimbursements for expenses incurred by the employee. Sometimes these benefits may also be given to the employee’s family or other associates. FBT is payable…
Understanding the answer to ‘how much tax do I pay in Australia?’ is key to ensuring you’re meeting your obligations as a private individual or as a business owner. By gaining clarity on what you will owe and knowing ahead of time what to set aside money for, you can prevent yourself from facing a…
Companies and Commonwealth entities are required to pay fees to the Australian Securities & Investment Commission (ASIC). These fees include those for company registration and annual review. It’s important you make your ASIC payments on time to avoid further expenses or complications.
Pay-as-you-go (PAYG) instalments are recurring prepayments of the tax on your investment income or company. Upon entering the PAYG Instalment System you will have to pay PAYG Installments every 3 months. How Do PAYG Instalments Work? What are PAYG Income Tax Instalments and how do they work? Pay As You Go (PAYG) Instalments is a…
A failure to lodge notice is a communication issued by the ATO (Australian Taxation Office). FTL notices are issued to those who are obligated to lodge a return, statement or report by a particular date but fail to do so. Australians who fail to lodge their tax return on time could face a fine.