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As a restaurant owner, you want your financial records to be like a masterfully crafted, perfectly seasoned dish, with every number in its proper place and every expense accounted for. But let’s face it, in the fast-paced world of the culinary industry, your finances can sometimes look more like a chaotic kitchen after a Saturday …
Bookkeeping for Restaurants – How an Accountant Can Help Read More »
Running a medical practice is no small feat. From diagnosing ailments to offering life-changing treatments, your plate is always full. But amidst the hustle of patient appointments and the commitment to improving lives, another aspect demands your attention- the health of your medical practice’s finances. The challenges of accounting for medical practices can be as …
The cha-ching of the cash register or the ping of an online sale is music to every retail store owner’s ears. But as the symphony of a thriving business plays, the accompanying notes of receipts, invoices, and financial statements can sometimes strike an off-key tune. When those complexities threaten to disrupt the harmony of your …
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If you’re running a hospitality business- a bustling restaurant, a cosy pub, a vibrant club, or an inviting hotel- you already understand the distinct blend of exhilaration and exhaustion that defines this industry. Between the hustle and bustle of pleasing patrons are daily accounting tasks you must take care of. Accounting is the silent yet …
Accounting for the Hospitality Industry – How an Accountant Can Help Read More »
While your expertise as a lawyer lies in arguing cases and interpreting legislation, managing your law firm’s accounting processes is a completely different matter. The good news? The right accountants have experience putting accounting systems for law firms in place to help your business. In the upcoming sections, we’ll explore the specific financial challenges law …
Accounting for Law Firms – How an Accountant Can Help Read More »
Many of us use online platforms to find short-term holiday rentals, or to rent out a property for a little extra income. But did you know that any rental income that you earn in this way has to be declared to the tax office, and if you earn rental income on your primary place of …
Taxation on Earnings from Online Accommodation Platforms: Get Up To Speed Read More »
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 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 …
Fringe Benefits Amounts: When & What Do I Have To Report? Read More »
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 …
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 …
The Fringe Benefits Tax Assessment Act of 1986 & How It Affects You Read More »