fringe benefits tax

Hiring a Small Business Accountant for Tax Purposes

September 2010

Starting a small business may be relatively simple but as your operations improve and incomes start to grow, getting your financial records in order for tax purposes can be a daunting task. Reporting assessable income, business expenses and other declarations is essential in lodging tax returns. You...

Allowed Deductions in Your Company Tax Return

September 2010

When operating your business as a company, it is your duty to lodge an annual company tax return showing your taxable income and the amount of tax due on that income.Limitations of deductionsTaxable income is computed by deducting certain expenses (also referred to as allowed deductions) from your...

Tax Treatment of Living Away From Home Allowance (LAFHA)

August 2010

Watch this video to learn about the living away from home allowance and tax: [youtube V3YY83BuQ9c] In addition to the salary you can receive as an employee, you may also be entitled to a living away from home allowance (LAFHA) which is used to compensate for the additional expenses and any disadvantage...

Fringe Benefits

August 2010

Annual fringe benefit tax returns are required to be lodged by all employers who provide "fringe benefits" to employees.The fringe benefits year runs from 1 April - 31 MarchFringe benefits tax is payable by the employerPopular fringe benefits are:Car benefits Entertainment Loan benefitsSpecific...

Christmas Gifts – The New Rules

May 2009

With Christmas almost upon us, many employers will be shopping for Christmas gifts for their employees, clients and other special people.At this point it is important to consider the new rules relating to the minor fringe benefit exemption which can save employers $000’s. These rules now allow an...

Relocation Benefits

May 2009

The Fringe Benefits Tax Assessment Act 1986 (“FBTAA”) provides for substantial concessions where an employer pays for various costs associated with relocating an employee. These expenses can be met directly by the employer or passed on to the employee as part of a salary sacrifice arrangement. These...

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