25 November 2019 Fringe benefits tax (FBT) is a tax payable by employers for certain benefits that they provide to their employees (or an employees’ associate, such as a family member) in place of a salary or wage. FBT applies even if the benefit is provided by a...
12 November 2019 From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers are paying SG...
23 October 2019 If you own a private company, a common area of tax legislation that impacts shareholders and their associates is Division 7A of the Income Tax Act. A company is considered a separate legal entity. For this reason, the highest tax rate payable by a...
23 October 2019 The ATO recently released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can...
22 October 2019 If you’re an employer, it’s vital you understand your obligations when it comes to superannuation. As a general rule, if an employee earns $450 or more (before tax) in a calendar month, they are entitled to superannuation. Contractors may...
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