Liability limited by a scheme approved under Professional Standards Legislation
| Small businesses: don’t forget your FBT concessions |
If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you may need to pay.
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Even if your business was not considered a “small business entity” a few years ago, it may be worth a reassessment, because the turnover threshold has recently changed, and will soon increase once more. Carparking could be exempt if the benefit is not in a commercial carpark. The second exemption relates to work-related devices. Small businesses can provide their employees with multiple work-related portable electronic devices that have substantially identical functions in the same FBT year, with all devices being exempt from FBT.
AcctWeb 27th-April-2021 |
| Simmons Partners Suite 3a, 303-313 Burwood Hwy Burwood East 3151 Vic | Phone:+61 3 9887 9377 | Fax:+61 3 9887 9615 | Email:info@simmonspartners.com.au |