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Integrity, Innovation & Commitment

2nd Quarter 2020

These days almost everyone is connected to the internet so it's common for you, as an employer, to reimburse an employee, or for you to pay a third party for the employee's, home phone or internet costs. This may result in an expense payment fringe benefit. 


Guidance has been released by the Australian Taxation Office (ATO) in relation to employers providing fringe benefits to their employers by way of the payment of road tolls. 

From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/ or $25,200*

When using the Small Business Clearing House (SBSCH), make sure you enter accurate employee details. This will avoid delays and ensure super funds accept your payment. 

Let us advise you with your accounting and taxation needs!