The ATO has announced its annual warning to employers planning their staff Christmas parties and FBT tax implications. Hosting these events are a Fringe Benefits Tax (FBT) minefield. The warnings are timely as we head into the Christmas party season and many small businesses shout their staff to celebrate the year that was. This article […]
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Attracting and retaining good staff is essential for your business. If you’ve given your employees perks and benefits such as car parking or gym memberships, you should consider the Fringe Benefit Tax (FBT) implications. These extras can be a great bonus on top of salary and wages – but they can attract an FBT liability.
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On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was legislated to provide an FBT exemption for eligible electric vehicles. This retrospectively applies to eligible car benefits provided from 1 July 2022. The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and
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As Christmas and the New Year fast approaches, many businesses look forward to celebrating the past year with gift giving and Christmas parties for employees. Many business owners may not fully understand the fringe benefits tax (FBT) implications of providing such benefits and if you’re not informed, it could see you owing unexpected costs for
Everything you need to know about Christmas parties and FBT Read More »
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