pexels-photo-48604

As the FBT year comes to end

March 2019

Whether it’s Christmas parties, EOFY celebrations or any events in-between a little bit of planning now could save you from a rude shock come FBT and tax time.

 

Here is a summary of what’s what.

FBT Cutcher & Neale

Please note the above only applies if you are using the actual method, as opposed to the 50/50 method, to calculate FBT.

*Gifts to employees are tax deductible with the exception of items of a recreational nature such as tickets to sporting events or concerts.

Christmas Cash Bonuses

Always consider the tax consequence of paying cash bonuses to staff at Christmas time.

Christmas bonuses are regarded as ordinary times earnings and must be included when calculating the 9.5% super.

Not factoring in the appropriate withholding tax may result in a tax bill to your employee come year end. The responsibility rests with the employer to ensure PAYG, FBT and superannuation are appropriately remitted.

If you have any further questions about these changes and how they affect you, then feel free to get in touch.

Get in touch

Topics: medical accounting, Technology, doctor, automation, medicalpractice, innovation

Recent Posts