The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas: Housekeeping essentials FBT exemption for electric cars Work from home arrangements Car parking changes Mismatched information for entertainment claimed as a deduction and what is reported for FBT purposes Business asse
With Autumn underway, the changing season is a reminder to take stock and prepare for what’s ahead as the financial year heads towards its final quarter and the May Federal Budget. If taking stock also means contemplating your retirement plans, there is a trend towards fewer people working towards a final retirement date and then […]
Selling your goods or services overseas can seem like a big leap – and there are certainly some hurdles – but it could be good for business. Exporting can provide your business with benefits such as increased productivity, increases in sales and profits, new customers, and clients and potentially better growth opportunities. In fact, exporting […]
Future earnings for super balances above $3m taxed at 30% from 2025-26 The Government has announced that from 2025/26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superannuation in the accumulation phase will remain at 15% up […]
The ATO has updated its approach to how you claim expenses for working from home. The rate for claiming additional expenses as a result of working from home has increased from 52 cents to 67 cents per hour from 1 July 2022. You will need to take caution, as the types of expenses included have changed, and there are more record-keeping requirements.