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Category: Tax

What is Fringe Benefits Tax?

  • On July 12, 2019
Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee’s associate e.g. a family member) in place of salary or wages. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided. In simple terms, it is a tax […]

Issue payment summaries for non-employees you have withheld tax for this year

  • On July 4, 2019
Annual payment summaries must be provided to your employees and any other people you have withheld tax for by the 14th of July. Start reviewing the year’s payroll and relevant supplier reports now so that you can issue the payment summaries without delay. If you have withheld tax on behalf of people who are not […]

Setting the right business goals for growth

  • On July 1, 2019
If you’re going to grow your company in the right way, pinning down your goals and having a clear vision for the business from the outset is vital. You may want to increase profits and create an income that supports your lifestyle, or you are looking to increase market share and aim for hypergrowth. You […]

Choosing your Business Structure

  • On February 25, 2019
Starting a new business is both very interesting and challenging. There are a large number of things that you need to plan and work on from business systems, Marketing, Sales, Taxes etc However, choosing a business structure is very critical just like the foundation of the house is very critical for the house. The cost […]

What is Negative Gearing and how does it Work?

  • On February 17, 2019
If you are thinking of buying an investment property to create wealth, it is very likely that you would have heard of the term Negative gearing. It is a common practice when it comes to investing in property in Australia.  In fact, 1.28mn(Source ATO statistics for 2015-16) or 1 in 10 Australians who file a […]

Single Touch Payroll or STP

  • On February 8, 2019
Single touch payroll (STP) is a change in the way of how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need to send a report after each pay cycle. And those reports must be submitted digitally, using Standard […]