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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…
Fringe Benefits Tax (FBT) is tax employers must pay on non-cash benefits provided to their employees, their families, or associates. Reportable fringe benefits include company cars, low-interest loans, private health insurance, and entertainment expenses. Are you an employee or employer in Australia wondering- how does fringe benefits tax work? Read on for more information. How…
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…
The Australian government passed the Fringe Benefits Tax Assessment Act in 1986 to make sure that employers pay the right amount of taxes when they give their workers certain benefits. This act is important for employers because it spells out the rules and regulations for providing these benefits and makes them pay their fair share…
A fringe benefit is a form of compensation provided to employees that goes beyond their normal salary or wages. These benefits can include things like health and dental insurance, life insurance, disability insurance, housing allowances, education assistance programs, childcare programs, employee discounts, and more. Fringe benefits are usually provided by employers to attract and retain…
Knowing the answer to ‘what percentage of tax do I pay in Australia?’ is key to ensuring you meet your legal obligations and responsibilities. If you’re curious about ‘how do I know what percentage of tax I pay?’ as a business owner or you’re interested in working in Australia as a foreign resident, we’ve covered…
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…
Are you looking for answers to some of the top questions about filing tax returns in Australia? This guide will provide you with the information you need to get your taxes lodged correctly. We’ll cover how to do a tax return, how to lodge online, and other answers to some of the most common questions…