Tax Tips

Avoid the FBT at Christmas

We all know the Grinch loves to ruin Christmas and so you want to be extra careful when organising the office Christmas Party or giving staff a Christmas gift that you don't actually get hit with the Christmas Grinch of taxes - the Fringe Benefits Tax.

With so much change in our lives this year, it’s good to know that the fundamentals of tax time have not changed. However, with so many of us finding that we are working from home it is worth digging into what you can and can’t claim this year.

The NSW Government has announced on 2 April 2020 that they will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measure to keep small business afloat. Many local cafes, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply.

The uncertainty being created by the coronavirus has caused disruption for everyone across the country. In response the Federal Government has announced a yet to be legislated four-part package that focuses on business investment, sustaining employers and driving cash into the economy.

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The uncertainty being created by the coronavirus has affected businesses across the country with supply chain disruptions and changing customer habits to minimise any potential contact with the virus. In response, the Australia Tax Office (ATO) has implemented a range of measures to assist individuals and businesses affected by the outbreak.