FBT 2021: Tax & Employee Benefits Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours...
$1500 JobKeeper Subsidy to Keep Staff Employed My business received a grant from the State Government. Do I pay tax on it? Short answer; probably. Income tax – Grants are likely to be taxable unless they are specifically excluded from tax. If the grant...
WHAT NOW? WHERE TO GET HELP IF YOU NEED IT Help for Business JobKeeper 2.0 The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might...
1 July company tax rate reduction Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020. 2018-19&2019-20 2020-21 2021 – 22 Base rate entities 27.5% 26% 25% Other corporate...
FTB Hot Spot With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position. FBT liabilities can trap unwary businesses, some of whom don’t recognise that there can be a tax consequence...
ATO targets ‘lifestyle’ assets The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20...
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