Reminder of the potential fringe benefits tax (FBT) implications for celebrating with employees this festive season. FBT obligations depend on the amount spent, when and where a party takes place, who attends and the value and type of gifts given.
Paying your employee’s home phone or internet? Check if doing so may result in an expense payment fringe benefit.
If you lodge your FBT return yourself, you must lodge it by today. If you pay your FBT by instalments, you should lodge all your BAS including the March quarter, before lodging your FBT return.
Read our guide to the strategies you can use to minimise your business tax. Talk with us before the 30 June 2019 deadline for assistance to reduce your tax!
1 July 2018 Personal income tax cuts New personal income tax rates come into effect from 1 July 2018. The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000. Dovetailing into the tax bracket change is the introduction of the Low and Middle Income Tax Offset for those with…
