A Tax File Number is important for Australian workers. It helps ensure you pay the right amount of tax and supports you in various other government dealings. Without a Tax File Number, certain forms of business will not qualify for an ABN. In this blog post, we’ll...
As a small business owner, you depend on your car to travel between sites, transport equipment and supplies, and drive to client meetings. When you drive, the chance of car wear and tear increases, which means you may have to face repair bills to keep your car in an...
What is a Living Away From Home Allowance Fringe Benefit? An allowance you pay to an employee is considered a living-away-from-home allowance (LAFHA) fringe benefit if the following conditions apply: The employee’s responsibilities require them to live away from their...
Should you vary your PAYG Instalments? Pay As You Go (PAYG) Instalments are prepayments of your income tax for the year. If your total PAYG Instalments will be more or less than your expected income tax for the year, you can change the amount you pay. If your...
GST Annual Return If you are liable to file an annual GST return, you need to file and pay any amounts owing by the date mentioned on the front of the return. You need to file and pay any GST owing by that due date. If you have received an annual GST return, this is...
When Does the ATO Hold a Refund? From 1 January 2025, the ATO has the authority to hold refunds for up to 90 days where the ATO doesn’t have your financial institution details (FID). Currently, it applies to: Income tax refunds Fringe Benefits Tax refunds. If the ATO...
When Can You Cancel Your GST Registration? You or your registered BAS or tax agent can cancel your GST registration within 21 days of: Closing or selling your business Changing your business structure – this includes changing from a partnership to a company, unless...
What are Reportable Fringe Benefits? If you receive fringe benefits with a total taxable value of above $2,000 in a fringe benefits tax (FBT) year (1 April to 31 March), your employer will report this amount to the ATO. Some benefits don’t have to be reported to the...
Running a business comes with various opportunities and surprises. These surprises bring unexpected expenses that can shake the most carefully balanced budgets. Whether it’s unforeseen regulatory changes, sudden equipment failure, or urgent staffing requirements,...
In this blog post, we’ll discuss how you can reduce your FBT liability using alternatives to fully fringe benefits or offering concessional benefits. Providing benefits eligible for employee deduction You don’t incur a fringe benefits tax (FBT) liability if you...