For businesses operating in Australia, navigating the intricacies of the Fringe Benefits Tax (FBT) is essential to ensure compliance with tax regulations and minimise financial liabilities. FBT is a tax paid on certain employee benefits in addition to their salary or wages.
In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule.
There are key differences between having a hobby and running a business, and they’re mostly to do with your tax, insurance and legal obligations.
Small business owners may be able to claim deductions for the costs of using their home as a principal place of business when filing their income tax return.
With a new norm surrounding how Australians work (hybrid, remote or office-based), there has been a change in how work-related expenses will be claimed this year during tax season.