Some terms defined
Every day we are exposed to words and phrases we don't really know the meaning of. The following seeks to help with a few of them.
Employee or contractor
Before your business engages a worker, you need to determine if they will be an employee or a contractor. Your tax and super obligations for employees and contractors are different.
Fringe benefits tax - businesses
Fringe benefits tax (FBT) is paid on certain benefits employers provide to their employees or their employees' associates in place of salary or wages.
Gifts & fundraising
Information on fundraising including the requirements for receiving tax deductible gifts and what donors have to do to claim deductions for their gifts.
Pay as you go (PAYG) withholding - individual s
Pay as you go (PAYG) withholding is the way you pay your tax through the year if you are an employee. Your payer sends the tax to the Tax Office for you.
Pay as you go (PAYG) withholding - businesses
You may be required to withhold amounts from employees and others and send the withheld amounts to the Tax Office.
Small business tax break
The small business and general business tax break provides an additional tax deduction for expenditure on certain qualifying assets. It provides a bonus deduction of 50% for small business and 30% or 10% for all other businesses providing certain eligibility criteria are met.
Source: Australian Taxation office