A Simple Guide to Fringe Benefit Taxes

As a business person, you understand the value of hard work and dedication. Your employees are the lifeblood of your business, whether it’s a small enterprise or a large corporation. Without those dedicated people, you would have serious issues filling orders and carrying out day-to-day tasks. That’s why it’s important to keep them well paid and incentivise the workplace. How can you incentivise? Through fringe benefits for your employees!

While giving your employees benefits throughout the year is a wonderful gesture, they must always be accounted for in the end. Specifically, there will be a tax involved with these benefits that you may not know about. Your accountants will need to know about these fringe benefits as they are given to the employees. If you are a new business owner, here is an easy guide to help you navigate the taxation of fringe benefits. Continue reading

What Are the Advantages of Registering for GST?

These are exciting times. You are just about ready to open your new business. You’ve been busy setting up all of the systems that you need for your business to work – including the bookkeeping. You know that proper bookkeeping will give you the best perspective on how your business is performing. It’s not glamorous, but it’s very important. It can also be very confusing for first-time business owners.

This is where many owners succumb to pitfalls while setting up their business. Because there are many forms to file and BAS regulations to follow, things can sometimes be missed. One such thing is GST registration. It’s surprising how many Gold Coast start-ups fail to register for GST. If you are just starting your business, it could be very beneficial to register for GST. Let’s look at a few reasons why that is. Continue reading

Behind on Taxes, BAS Lodgement & Tax Office Obligations?

Debts of any sort are a burden. Whether it be personal, business, school, or in the form of a loan, a debt can quickly go from manageable to out of control and stressful. For your business, getting behind on taxes, lodgements and debt repayment is probably not written into your business plan. In order to avoid letting debts get out of control, it’s important to understand the deadlines for lodgement obligations. It’s also important to have a plan in place in case you do get behind in your debts and lodgements. Here is some information to help you wade through the murky waters of the Australian Tax Office.

Deadlines

Here are some deadlines to keep in mind for the upcoming year. Since they are the norm for most businesses, quarterly reporting deadlines will be covered. Continue reading

How To Prepare and Lodge Your Taxable Payments Annual Report

If you’re one of the business owners who operate int the building and construction industry, and you pay contractors for providing building and construction services, you need to make some preparation for the Taxable Payments Annual Report (TPAR) which is due 28th of August each year.

The Taxable payments annual report summarizes every payment you have made to each contractor for the previous year. Through TPAR, compliance of contractors is being observed. Data matching is done to detect contractors who have failed to lodge tax returns or failed to disclose their income.

There’s no reason to dread the TPAR. We’re here to help you prepare and lodge your taxable payments annual report, and save you from some stress and confusion. Continue reading

What is SuperStream and How to Become SuperStream Compliant

The Australian government is definitely on a mission to stimulate the economy as it unveils SuperStream, which has the function of providing consistent and reliable electronic transactions for superannuation obligations.

What is SuperStream? SuperStream is the government’s solution to the persistent cases of lost superannuation accounts and unclaimed money. Aside from this apparent problem, it is also the Australian government’s goal to improve the overall efficiency of the superannuation system via on-time processing of contributions and rollovers by requiring employers make super contributions in behalf of their employees. Continue reading