nicole – Page 14 – Streamline Management

The Fringe Benefits Tax year comes to an end on 31st March 2025

Are you aware what might trigger this extra tax for your business and just how costly it could be?
ATO says:
Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates.
The employer pays FBT. This is equivalent to the gross income your employees would have to earn, at the highest marginal tax rate (including the Medicare levy), to buy the benefits themselves.

FBT can be quite costly, those employee perks might cost you a lot more than you anticipated or budgeted for!

17/03/2025

Landline Day

Are you upgrading to a new phone?

If you’re planning to upgrade to a new phone,
as us to give you a hand to move your authenticator app,
BEFORE your lock yourself out of Xero.

10/03/2025

Employee Appreciation Day

Its heartwarming to be appreciated – but rewarding your team could cost you so much more than you anticipate!

Before purchasing gifts to show appreciation – check the Fringe Benefits Tax implications of your intentions.

07/03/2025

ReceiptBank/Dext New Features New Price

Have you seen all the new releases from ReceiptBank/Dext?
All of this comes with the best search tool in the game to find those outrageous bargains/bills again.

05/03/2025

March 2025

There are a handful of important dates in March.

A crucial date is the FBT year end – if you don’t know what FBT is, its time to speak to your accountant to ensure you don’t get caught out with the Fun Business Tax.

03/03/2025

December 2024 BAS due real real soon!

5 minutes to midnight! The December BAS is due this Friday.

Make sure you lodge on time to avoid fines and if you are unable to pay in full, make a payment plan with the ATO.

Late lodgement may incur a fine ($330 – $1650) from the ATO and will void any current payment plan and make it much harder to request a new plan in the future.

Stop mucking about – act now!

24/02/2025

Battery Day

It’s only February, but the Christmas break when we last recharged our batteries 🔋is only a distant memory.
And the Easter long weekend is barely on the horizon.
Aussies are entitled to 4 weeks annual leave each year – we must remember to take it!
And we need to encourage our staff to take theirs too.
Not convinced? Leave entitlements are expensive to payout if you let it build up too much – can you cashflow handle it?
Where will your next break be?

18/02/2025

Valentine’s Day

Bookkeeping, do you love it?
❤️ We do! ❤️

14/02/2025

Employee Legal Awareness Day

When it comes to the law, what is an employee? And who can be a contractor?
We’ve googled to bring you the important bits from various government departments.

To follow the law, businesses need to make sure they aren’t treating employees as contractors – it’s not as simple as whether or not they have an ABN or send invoices.

You are responsible for classifying your worker for tax and super purposes and you need to get it right. If you make an incorrect decision, you may face penalties.

13/02/2025

Nicole is speaking at Accounting and Business Expo 2025

Our very own Nicole Lynch will be sharing the stage again with Trent Yesberg and Julianna Nagy at Accounting & Business Expo Sydney 2025 on March 12-13!
Register for your free expo pass here:

10/02/2025

Author: nicole