Coronavirus: Government announces new tax measures
ATO’s support measures to assist those affected by COVID-19 The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth billions of dollars. Some of the key tax measures include: From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for […]
Car parking fringe benefits
Valuing car parking fringe benefits Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (FBT) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have engaged an arm’s […]
Bushfire crisis response
The ATO’s Bushfire crisis response In response to the devastating bushfires across large parts of Australia, the ATO has been keen to advise those impacted that it understands peoples priority is their family and community. If taxpayers live in one of the identified impacted postcodes, the ATO will automatically defer any lodgments or payments, meaning […]
Company or trust home-based business deductions
Deductions for a company or trust home-based business The ATO reminds taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, market-rate rental contract (or similar agreement) with the owner of the property. The agreement will determine which expenses the business pays for and can claim […]
Tax time tips for small business
Top 3 business tax return issues To lend a ‘helping hand’ to small businesses to get their tax right this tax time, the ATO has identified the top three issues for small businesses lodging their tax returns: Failing to report all of their income; Not having the necessary records to prove small business expenses claims; […]
Six FBT issues
FBT issues on the ATO’s radar The ATO has updated their What attracts our attention list with six items that specifically relate to fringe benefits tax (‘FBT’), as follows: Failing to report motor vehicle fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits. Incorrectly calculating car parking fringe benefits due to: […]
Fringe Benefits Tax
ATO contact regarding business cars and Fringe Benefits Tax (FBT) The ATO has recently advised that it will be contacting taxpayers (and tax agents on behalf of their clients) that have been identified as having cars registered in their business name who have not lodged an FBT return. The ATO has reminded businesses that: a […]
Christmas Parties & Gifts 2018
Year-end (and other) staff parties 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 […]
EOFY car claims
ATO scrutinising car claims this tax time The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work-related expenses. Assistant Commissioner Kath Anderson said: “We are particularly concerned about taxpayers claiming for things they are not entitled to, like private […]
2018/19 FBT year
New FBT rates for the 2018/19 FBT year ATO has released Taxation Determinations setting out rates for the FBT year commencing 1 April 2018. FBT: Benchmark interest rate The benchmark interest rate for the 2018/19 FBT year is 5.20% p.a., which is used to calculate the taxable value of: a loan fringe benefit; and a […]
