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Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Do I Have To Pay Fringe Benefit Tax (FBT) On Gifts I Give To Staff?

January 31, 2018

General exemption – There is a $300 exemption per employee per quarter from paying FBT if you provide free (gifts and prizes), subsidised or discounted goods and services. However, if the value of the benefits for an employee goes over $300 for a quarter, the full value of the benefits is subject to FBT – the exemption is not deducted first. There is also …

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What is Better – Drawings or Wages?

Clients often ask which is the best way to pay themselves from their company – drawings or wages? Here is an explanation of the differences. Drawings Taking drawings from your business is not a tax deductible cost – you should be aware that you will need to put aside a bit of money for income tax as well. For example say you take $800 …

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