The FBT Grinch and Christmas parties
Watch out for the Fringe Benefits Tax (FBT) Grinch ruining the fun for everyone this Christmas!
Read on to find out about nice festive fun that may attract naughty surprise taxes.
26/11/2024
Watch out for the Fringe Benefits Tax (FBT) Grinch ruining the fun for everyone this Christmas!
Read on to find out about nice festive fun that may attract naughty surprise taxes.
Are you looking forward to the Christmas break?
If you are closing your workplace for a week or 2, you’ll need to be across the fairwork rules about shutdowns – check available leave balances and let your staff know now.
What kind of business pickles are in your jar?
We’ve helped heaps of small business owners over the past 25+ years keep the pickles on the cheeseboard. We can help you too – but not if you put peanut butter on your pickles!
Given up trying to find a fully qualified experienced unicorn?
Is it time to consider hiring an apprentice, someone you can train to work your way?
Incentives are available for eligible employers.
Talking about money is awkward!
Its probably more unpleasant if you have to tell suppliers and employees you don’t have the money to pay them.
If you can’t pay your bills on time, you may be insolvent and that can lead to harsh penalties for the directors. (penalties up to $200,000)
Speak to us or your expert as soon as you think you might be in money trouble – you’ll have more options and less stress if you start the conversation early. Lets chat!
Happy Work-versary Katherine – 9 years as a key member of the stream team!
Why are we loving Syft? It can combine multiple Xero files together to create consolidated reports and better yet – consolidated cashflow!
You’ll know when your whole group could run out of cash or when to move funds between the businesses.
Lets look at an example
Connecting Syft to the Xero files allows us to combine all 3 entities in the group and view a combined cashflow projection. We can use a combination of computer guesswork + our knowledge of what is in the pipeline to project what the overall bank balance would looks like.
Think it might be time to consolidate your business group for streamlined 😉 reporting? Ask us for a Syft demo.
What happens if super doesn’t reach employees funds on time?
Bad things happen.
The expense is no longer tax deductible, it is calculated on all payments to employees (like overtime and allowances), fines are payable to the ATO, interest is payable to the fund for the employee, and directors will be personally chased for the payment. Its bad to be just a little late.
ATO says:
Once you become a director, you are responsible for ensuring the company meets its PAYGW, net GST and SGC obligations in full by the due date.
Need help to keep on top of all the deadlines? Ask us to give you a hand.
Be your own boss! (We don’t mean a mob boss!)
We make it look easy, but there are lots of traps for young players.
At 30 June 2024 there were 2,662,998 actively trading businesses in the Australian economy. 97% of those are small businesses according to ABS.
UTS says: one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year.
What can you do to increase your odds of surviving and thriving?
There are lots of free tools available.
If you decide to go ahead and be the boss – prepare yourself for a wild ride!
July-September super contributions, at the new rate of 11.5%, must be received (by fund) by 28th October, regardless if you pay monthly or quarterly.
Severe penalties will apply for late payments.
