Do you receive benefits through a business?

This may come with tax implications, so here are some quick tips to keep things straightforward and avoid tax hassles:

Keep It Separate: Use different accounts for business and personal expenses to make tracking easier.

Report Everything:

• Salary & Wages: Include these in your personal tax return. Your company will handle PAYG and superannuation.
• Fringe Benefits: If you get perks like a company car or free accommodation, the company will handle the Fringe Benefits Tax (FBT).

Handle Loans Carefully:

• From the Company: Make sure any loans are documented and comply with tax rules. Report repayments and interest properly.
• From the Trust: Keep records of loans and repayments, and report any interest you receive.

Stay Informed: Proper reporting and record-keeping are key to smooth sailing. If in doubt, contact us for expert advice!

For personalized help and peace of mind, reach out to us today.

 

 

 

All information was sourced from ato.gov.au, with the aid of ChatGPT