Tax threshold changes and your business
Businesses need to note that the current thresholds apply for the first 3 months and 30 days of the 2024–25 tax year; the new thresholds for the remaining period. For the 2024-25 year only, composite tax rates will apply: Taxable Income Composite tax rate Employers need to ensure their payroll providers make the necessary changes […]
Watch your FBT
The Fringe Benefit tax rate rose to 63.93% in April 2021, but nearly two years later, many businesses are yet to review the impact. Before 2021, most employers used the single rate option to pay FBT on benefits provided at a flat rate of 49.25%. Have you reassessed the cost of increased FBT? FBT is […]
