FBT The Holiday Season Your Employees

FBT, The Holiday Season & Your Employees

At the end of the year, you may look for extrinsic ways to thank your hardworking employees or faithful customers/clients. A work Christmas/end-of-year party may be a method employed by many businesses to demonstrate their gratitude towards staff, but the expense can be a deciding factor. Christmas/holiday parties are regarded as “entertainment” expenditures, which means…

ATO Warns Against GST Fraud Attempts

ATO Warns Against GST Fraud Attempts

Registering for an ABN and applying for GST refunds when you don’t own a business or are not eligible is fraud. The Australian Taxation Office (ATO) has identified a significant number of GST refund fraud attempts, totalling an estimated $850 million to around 40,000 individuals. This fraud involves predominantly participants inventing fake businesses to claim…