From 1st July 2022 Fringe Benefits Tax (FBT) is not payable to the ATO on the private usage of zero or low emissions vehicles.
Ok great, but what does that mean.
Normally any personal usage of a company or work car will be subject to extra (FBT) tax to make sure tax is being paid on all benefits an employee receives that aren’t salary/wages.
As with everything, lots of fine print.
We’ve applied the magnifying glass for you.
Are you all over business record management?
ATO says:
As the business owner, you are accountable for understanding your record-keeping obligations. If you use a registered tax or BAS agent to manage your records, you still retain primary accountability.
We use apps to help our clients maintain good records, it is much safer than paper files.
Ready to ditch the filing cabinets? Get in contact today.
Xero is now ready for you to transition to the new more rigorous reporting requirements. This will not change how much or how often you pay your employees – awards etc are not changing.
Check you’ve got all the info you need before you start pressing buttons
Just realised this a big job?
You can request an deferral to buy a little extra time. (or perhaps like us, you can’t cope with a financial year that chops and changes part way through).
Get your payroll expert to review where you are at, if you’re overwhelmed already.
How secure are your passwords?
Maybe its time to upgrade to passphrases. And Multi Factor / 2 Factor Authentication (MFA/2FA)
We’ve found tips from sensible sources to help you keep your data safe
The Australian Cyber Security Centre (ACSC) leads the Australian Government’s efforts to improve cyber security. Our role is to help make Australia the most secure place to connect online.
Small businesses (less than 15 employees) have been given a 6 month extension to 1st August 2023.
Medium and large businesses (15 or more employees) make the change from unpaid to paid leave on 1st February 2023.
Don’t have time for long drawn out explanations? Here is the skinny:
As you process leave requests and prepare Christmas holiday wage payments, make sure you’ve got the public holidays sorted.
You need to pay normal hours for all full and part time staff for public holidays that fall on their normal working days. Public holidays are paid as normal before leave is processed. If employees are taking unpaid leave, public holidays will also be unpaid.
If you didn’t hear it from the horses mouth,
stop listening to the ass who told you.
Hurrah for holidays!
What do you need to know about processing wages for annual leave over the Christmas break?
We’ve googled the important info for you.
Are you planning to shutdown for a Christmas break?
Make sure you know the Fairwork & award rules – we’ve googled it for you and here are the basics
Are you planning to host Christmas celebrations for your staff and/or business associates?
Watch out for the Fringe Benefits Tax (FBT) grinch ruining the fun for everyone!
The following information is courtesy of the Australian Bookkeepers Network.
Not sure what it’s all about? Ask your expert to explain the fine print
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