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 […]
Entertainment and fringe benefits
The provision of entertainment means the provision of: entertainment by way of food, drink or recreation accommodation or travel in connection with, such entertainment. Entertainment includes, for example: meals and drinks, cocktail parties and staff social functions sporting or theatrical events, sightseeing tours and holidays entertaining employees and non-employees (for example, clients) over a weekend […]