Do you provide perks to your team?
You probably need to submit an FBT return in the next couple of weeks.
No idea what could be captured? Speak to your tax accountant ASAP – gym membership, tickets to the footy, fancy meals, company car used for personal trips can all be captured.
Avoid fines and penalties – review your situation, ask your accountant – act now!
Our small business has survived more than 1450 weeks!
We use our experience to support other small business owners – we know what it is like, we are or have experienced it too!
Can we help you make your small business weeks feel less like months and years?
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’
January-March super contributions must be received (by fund) by 28th April.
Payments should be authorised right now as it can take several days to process, not to mention all the public holidays that will slow down the process this month.
Late payments of superannuation are not tax deductible.
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.
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!
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.
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?
