Christmas parties are considered to be “entertainment benefits”. Therefore, the expenses may be subject to fringe benefits tax (FBT).
Supposedly, up to 800 businesses will be targeted by the ATO and Fair Work Ombudsman.
For tax purposes, it is very important to know what category your cryptocurrency activity falls within.
As a general rule, smaller businesses tend to use cash accounting because it is not as complex as non-cash accounting.
In the 18/19 financial year, the tax office received more than 200 tip-offs about accountants who were making inaccurate claims for their clients.
Generally, this scenario is labelled as an ‘expense payment fringe benefit’.
PAYG instalments are prepayments only, and they are cash flow items in your business. They are not the actual result.