The Medicare levy, an additional payment atop your taxable income tax, serves to support Australia’s public health system, Medicare. Ordinarily, your employer includes this levy, typically set at 2% of your taxable income, in the pay-as-you-go amount withheld from your salary or wages. But what about the additional Medicare levy surcharge (MLS)? You’ll encounter the…
For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance. However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on certain non-cash benefits provided to employees in connection with…
Fringe Benefits Tax (FBT) is a tax levied on particular benefits employers provide to their employees or their families. It is separate from income tax and is calculated based on the taxable value of the fringe benefit provided. As an employer, it is crucial to understand your FBT obligations to ensure compliance with tax laws…
Ensure you’re up to date on how to claim your working-from-home expenses! As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to you when it comes to claiming. If part of your role allows you to work from home, you may…
