Single Touch Payroll. Get Started Today.
Need to know how to opt into single touch payroll in Xero and start reporting. See our work instructions.
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The Best Ways to Reward Your Employees (And Avoid FBT Implications)
Want to motivate your employees without paying more in FBT? Here are some simple strategies that wont break the bank and wont attract more tax.
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Fringe Benefits Tax for Company Work Vehicles
Fringe Benefits for work vehicles arises when an employer makes the vehicle available for private use, whether it be owned or leased. And with the ATO providing clarity on the definition of ‘minor and infrequent’ use, the landscape for penalties changes significantly in the 2019 FBT year.
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Fringe Benefits Tax Basics for the Business Owner
From time to time, employers may try to improve an employee’s engagement by offering them rewards and incentives that add value to the relationship. A fringe benefit is a non-cash benefit with a financial value that you offer to an employee on top of their salary. Any time you are providing this kind of incentive to an employee or their family, the business is liable to pay Fringe Benefits Tax.
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How to Maximize Fringe Benefits Exemptions When Giving
FBT can double the cost of providing benefits to employees if not managed correctly. For this reason, it is important to understand the FBT rules and implications for your business when providing benefits to employees. With proper planning and by keeping costs below certain thresholds, you can maximize your fringe benefits exemptions and keep your well earned money in the bank – to invest on more important things.
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Semmens & Co New Services – Payroll Services for Business
With the recent introduction of STP for all businesses, the need for robust payroll practices has become paramount for business of all sizes. For this reason, Semmens & Co has now introduced Payroll Services to our suite. We…
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PAYG Withholding – New Legislation Removing Tax Deductions for Non-Complaint Businesses
Semmens & Co urges all our business clients to review your PAYG Withholding payments, as new legislation removing tax deductions for entities who fail to comply with their withholding obligations are set to kick in. As a payer, your…
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Staff Benefits – How to correctly apply the Minor Benefit Exemption
As the festive season has ceased, business who were in a giving mood to employees during this time should understand the various FBT exemptions that can help reduce this cost of additional tax. The minor benefit exemption broadly…
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Mark Semmens
Mark is a Chartered Accountant with a wealth of experience in accounting and taxation. Mark is a Member of Chartered Accountants Australia and New Zealand, the Tax Practitioners Board and the National Tax and Accountants Association.
Mark's blogs
Daniela Semmens
Daniela Semmens is a Co-Director of Semmens & Co. and joined the company as General Manager in 2017. Daniela is an Affiliate Member of Chartered Accountants Australia and New Zealand and also a Member of the Australian Institute of Project Management.
Daniela's blogsContact Us Today
For any enquiries into our team or our services please contact Semmens & Co. via email at info@semmensco.com.au or call us on 03 8320 0320
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