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Tag: compliance

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Taxable payments annual reporting(TPAR)

  • On August 1, 2020
The TPAR details payments made to contractors for providing services. Some government entities also need to report the grants they have paid. If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year. TPAR reporting is applicable for the following Industries: Building & Construction services Cleaning […]

Christmas Parties and Presents – and Tax!

  • On December 17, 2019
Christmas is a splendid time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment […]

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 […]