23 May 2017
Do you reward employees on top of their usual salary to show your appreciation for a job well done? It is important you keep track of the benefits you provide. It will also help you work out if you can claim any deductions for your business.
A company car or motorbike, use of a holiday home, gym memberships, accommodation, concert tickets or other lifestyle assets are usually considered fringe benefits, so it’s important to keep a record of each asset and how it’s used.
Up-to-date records can help you get things right when you lodge your activity for the year.
Remember, registered tax agents and BAS agents can help you with tax advice.
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