Employee Appreciation Day is tomorrow.
Want to say ‘thank you’ without inviting the ATO to the party?
Handle the ‘fun tax’ (FBT) like a pro.
Keep your gift under $300 (including GST) per person. For the best tax outcome, stick to Non-Entertainment gifts like a hamper or a gift card. You get the deduction, they get the prize!
And don’t forget the non-cash options
What are you planning for your team this year?
Thinking about rewarding staff with a bonus?💰💰💰
Ask us to help you with calculations.
– If you fail to withhold tax or report the payment (STP), the bonus becomes non-compliant (no tax deduction for you!)
– Superannuation is likely to apply to the bonus amount
– Schedule 5 tax scale must be used for PAYG withholding
We will calculate the total cost to you and the net amount the employee receives to avoid budget surprises.
The festive season is just around the corner, and you’re likely planning staff parties, client events, and gifts. While this is a wonderful time for celebration, it’s also a crucial period to consider Fringe Benefits Tax (FBT).
Mismanaging your Christmas cheer expenses could lead to a surprise FBT liability that lands well after the holidays are over!
Don’t wait for a nasty surprise in the New Year. Proactive planning now means you can enjoy the holiday season knowing your books are in order!
Speak to your licenced tax professional now
What does the EOFY timeline look like?
You need to get your accounts up to date now and chat to your accountant about tax planning
Keep calm, its only End Of Financial Year!
It’s a tight labour market, so finding the right team is difficult, once you’ve found someone you’ll have to negotiate their wage or salary cos its unlikely they’ve agreed to work for you for free.
From 1 January 2025, intentional underpayment of wages or entitlements can be a criminal offence.
If you aren’t sure if you are paying a worthy wage, investigate before FairWork does! Get an expert to help you, winging it isn’t an option.
It’s a bird, its a plane, its a person planning for their future needs!
Are you employing super heroes (who want to put away a bit extra for their retirement)?
Salary sacrificing wages into super can help employees save faster than a speeding locamotive, but as an employer, you need to make sure you have all the right paperwork.
Wearing your undies on the outside of tights is all well and good, leaping tall buildings in a single bound has OH&S issues, being your own retirement hero is a super idea!
Know the rules when it comes to paying staff for public holidays?
Fairwork says:
‘Employees should be given the choice to work on a public holiday or not.
Employers can request employees to work on a public holiday, but the request has to be reasonable.
Employees (except casual employees) who normally work on the day a public holiday falls will be paid their base pay rate for the ordinary hours they would have worked if they had not been away because of the public holiday.
An employee doesn’t get paid for a public holiday if they don’t normally work on the day that the public holiday falls. Some part-time employees will be entitled to payment, other may not be. Part time staff do not need to work ‘make up’ days.
Working on public holidays – Awards, enterprise agreements and other registered agreements can provide entitlements for working public holidays’
Working from home in some way, shape or form is normal/expected/happening, and this carries risks for employers.
What are you responsible for? How do you protect your team?
Your responsibilities to protect your team still apply, even if you can’t see them.
See what Safe Work Australia says you need to be aware of.
Don’t let an unexpected tax bill spoil Christmas.
Entertainment is the most common type of FBT we see.
(It could also include providing a company car or paying personal bills)
What is considered entertainment? It includes events and/or gifts (at any time of year)
Hackers are targeting small business inboxes and changing bank details on invoices you send out to your customers. To minimise risk, we recommend adding text to your invoice email and/or invoice template.
We’d hate for the wrong people to get your money!
