Modest but meaningful — we outline the highlights for personal tax, small business tax, superannuation and more announced in last night’s Federal Budget.
Be aware of fringe benefits obligations when salary packaging. Salary packaging is an arrangement between an employer and employee for the employer to provide certain benefits to the employee or associate of the employee in lieu of cash.
Reminder about potential FBT implications for celebrating with employees this festive season. FBT obligations depend on the amount spent, when and where a party takes place, who attends and the value and type of gifts given.
The provision of entertainment means the provision of: entertainment by way of food, drink or recreation accommodation or travel in connection with, such entertainment. Entertainment includes, for example: meals and drinks, cocktail parties and staff social functions sporting or theatrical events, sightseeing tours and holidays… Read More >>
The 2015/16 Budget introduced a number of generous concessions for small businesses, with tax relief being the single most significant business benefit item in this Budget. We look at the specific concessions relevant to each business category.
As part of the recent Budget measures announced by the Federal Government, the Fringe Benefits Tax (FBT) rate will increase from 47% to 49% from 1 April 2015 until 31 March 2017, that is, for the 2016 and 2017 FBT years. The intention behind the… Read More >>