13.12.23
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Non-Reportable Fringe Benefits: Examples To Understand
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 & Salary Packaging: What You Need To Know
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…
Are Fringe Benefits Tax Deductible? A Quick Guide
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 Meaning
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…
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Empowering Schoolgirls to Become Champions
Fostering Young Talent in Fiji Through the Power of Sponsorship Every day, 17 year old Vaciseva Bukanidawa travels by truck from her mother’s village of Rewasau to Wainimala Secondary School. For almost two years, she has been representing her school in the National Rugby League as a key player for the Wainimala Raiders. Breaking Down…
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Understanding Fringe Benefits Tax and Novated Leases
Whether you’re an employee eyeing a new car or an employer striving to boost your team’s morale, understanding novated leases as a fringe benefit and the associated tax is crucial. Why? Because it can lead to significant financial advantages and benefits for both employees and employers. Let’s find out more about novated leases, calculating their…
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Fringe Benefits Tax Rate: What You Should Know
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). …