FBT exemption for emergency assistance

FBT exemption for emergency assistance

Businesses that provide benefits to employees during an emergency situation are likely to have assistance costs be exempt from fringe benefits tax (FBT). It is worthwhile to know what kinds of benefits you as a business owner can provide for different emergencies that will be excluded from FBT. Exemptions will apply to benefits you provide…

Changes to JobKeeper eligibility

Changes to JobKeeper eligibility

The Government has introduced additional changes to JobKeeper to help more businesses qualify for the relief payments. One of the key changes was moving the relevant date of employment for an eligible employee from 1 March to 1 July 2020, to extend employee eligibility. This allows those who were full time employees on or before…

What is a TPAR and do you need to lodge one

What is a TPAR and do you need to lodge one?

The Taxable Payments Annual Report (TPAR) is an industry-specific report through which businesses inform the ATO of the total payments made to contractors for services in that financial year. This information is then used by the ATO to match the contractors’ income declarations to improve their compliance efforts. A TPAR is generally required by businesses…

Common tax mistakes that businesses make

Common tax mistakes that businesses make

Meeting tax obligations as a business owner can be stressful and potentially expensive if done wrong. Certain mistakes warrant severe action, so you can expect the ATO to take a closer look at them if you’ve failed to identify these errors before lodging tax returns for your business. Most mistakes made with regards to tax…