As the year winds down, many businesses are preparing to celebrate with end-of-year parties, staff gifts, and client events. While these celebrations are a great way to recognise your team’s hard work, it’s important to understand the Fringe Benefits Tax (FBT) implications that can arise. Getting it wrong can lead to unexpected tax bills –…
When you have more than one job or switch employers mid-year, it’s essential to understand how the tax-free threshold works so you don’t get caught by surprise at tax time. The tax-free threshold means that if you’re an Australian resident for tax purposes, you can earn up to $18,200 in a year without paying income…
No one enjoys the idea of an Australian Taxation Office (ATO) audit, but it’s a reality that both individuals and businesses should be prepared for. The good news is that most audits are triggered for specific reasons — and staying honest and transparent with your accountant can make all the difference if the ATO ever…
The ATO uses a tool called data matching to compare information it receives from third-party sources (banks, employers, government agencies, online platforms, etc.) against the information taxpayers report on their tax returns. In simple terms: if the ATO is told by a bank that you earned interest, or by an online platform that you sold…
