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Public Accountants Registered Tax Agents | Covid-19 Reopening

Month: September 2024

Vehicle-Related FBT – How To Manage What You’re Providing

As an employer, when you provide vehicles like sedans, station wagons, or passenger vans for your employees’ private use, you might be offering a car fringe benefit.

This applies to the employee behind the wheel and applies if their family members or associates use the vehicle. Understanding the implications of this can be crucial, as it triggers Fringe Benefits Tax (FBT).

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Side Hustle Culture: Having Your Own Business On The Side

Starting a side hustle has become increasingly popular in Australia as more people seek additional income streams, personal fulfilment, or a way to test business ideas while maintaining their full-time jobs.

While there are numerous benefits to having a side hustle, there are also challenges to consider. Let’s examine the pros and cons of starting a side hustle in Australia.

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Superannuation, The Self-Employed & Contractors

If you’re a contractor, freelancer, or self-employed, you’re probably already juggling multiple responsibilities, from managing clients to keeping track of your income.

One area that often gets overlooked is superannuation, but it’s crucial to think about your future.

Even though you may not have an employer making regular super contributions on your behalf, you can still take control of your super to ensure you’re building a nest egg for retirement. 

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Understanding Closely-Held Employees & Small Business STP Reporting

Small businesses, especially family-run ones, require careful attention to payroll for closely held employees, such as family members, directors, and shareholders. 

The Australian Tax Office (ATO) mandates that all employers adhere to Single Touch Payroll (STP) reporting requirements regardless of the employee’s relationship to the business. 

However, small businesses with fewer than 19 employees have some flexibility in how they meet these obligations. In many cases, small businesses may also have closely-held employees 

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The Key Responsibilities Of Running A Business (And How An Accountant Can Help)

Running a small business is an exciting and rewarding endeavour, but it also comes with a fair share of responsibilities.

Among the most important are the financial obligations that keep your business compliant and financially healthy. That’s where an accountant can be your best ally.

With their expertise, accountants can help small businesses navigate the complexities of financial management, ensuring that everything runs smoothly.

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