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Are you considering a job that offers more than just a salary? Perks like a company car or gym membership can make a job offer much more tempting! Before signing the contract, you must understand the Total Reportable Fringe Benefits Amount (TRFBA). While you don’t pay income tax directly on your TRFBA, it can impact…
Whether it’s a “buy nine, get the 10th coffee free” deal, happy hour, or a 12-month gym membership for the price of 11, we all love a perk! Fringe benefits are non-cash perks employers can offer sought-after prospective employees to make an employment position more desirable. But, there’s a catch- the Fringe Benefits Tax (FBT). …
Whether you’re an employee or employer in New South Wales, you must understand the safety net that workers’ compensation provides. It isn’t just about legal compliance; it’s about peace of mind and protection for everyone in the workplace. In this workers’ compensation benefits guide, we’ll explore this system to understand how it works and what…
Imagine scrolling through a seemingly endless list of job postings, your eyes almost glazing over from the repetitiveness of them all. Each one is offering the same thing- a decent salary and standard holiday time. But suddenly, one stands out from the pack! It’s offering much more. A laundry list of perks- accommodation, a company…
Non-reportable fringe benefits are a valuable way for employers to provide benefits to their employees without incurring additional tax liabilities, as these benefits aren’t subject to fringe benefits tax. Employees also benefit, as non-reportable fringe benefits aren’t included in their taxable income. Let’s explore some examples of non-reportable fringe benefits in Australia. Adoption, Maternity &…
Reportable fringe benefits and salary packaging are crucial aspects of employment that impact both employers and employees. Understanding the rules and regulations surrounding these benefits is essential for ensuring compliance with tax laws and maximising the value of compensation packages. In this article, we’ll delve into the key concepts of reportable fringe benefits and salary…
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,…