Electric vehicle FBT exemption now law
Legislation to make certain electric vehicles exempt from FBT enacted into law Certain zero or low emissions vehicles provided as a car benefit on or after 1 July 2022, can be exempt from fringe benefits tax (FBT). For this exemption to apply various criteria need to be satisfied. The car needs to have been both […]
Improving payroll governance
Make sure you’re up to date on payroll compliance How employers can understand and meet their payroll obligations and some of the common issues seen by the ATO. How to meet your employer obligations The ATO wants to help you ensure your entity’s payroll governance measures are designed effectively and fit for purpose. This means […]
Christmas Parties and Gifts 2022
With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients FBT and ‘entertainment’ Under the FBT Act, […]
2022-2023 Budget Measures that are now law
Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax offset that reduces an individual taxpayer’s tax liability. This means that the maximum amount […]
COVID-19 vaccination incentives and rewards
FBT consequences of providing non-cash benefits The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination. When employees are provided a cash payment, including paid leave for employees to get their COVID-19 vaccination (or additional paid leave to recover from […]
Business tax update October 2021
Extending administrative relief for companies to use technology The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001. These temporary relief measures will allow companies to hold virtual meetings and use electronic communications to send meeting materials and execute documents until […]
Fringe Benefits Tax exemption
New FBT retraining and reskilling exemption available Recent legislative amendments mean that employers who provide training or education to redundant (or soon to be redundant employees) may now be exempt from fringe benefits tax (‘FBT’). The ATO has reminded eligible employers that they can apply the exemption to retraining and reskilling benefits provided on or […]
2020/21 Year-end Checklist for Business
Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income However, this year, consideration will also need to be given to the impact of the COVID-19 pandemic. Small Business Entities (‘SBEs’) – i.e., those with an aggregated turnover of less than $10 million – often have greater tax planning opportunities […]
FBT rates and thresholds for the 2021/22 FBT year
Updated FBT rates and thresholds for the 2021/22 FBT year have been released The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: the FBT record-keeping exemption is $8,923 (up […]
Proposed FBT exemption — retraining and reskilling
The government has announced it will introduce an exemption from FBT It will apply to retraining and reskilling benefits provided by employers to redundant, or soon to be redundant, employees where the benefits may not be related to their current employment. It is proposed that this exemption will not apply to: retraining provided under a […]
