Claiming fuel tax credits when rates change
Taxpayers could receive more savings for fuel they have acquired on and from February 2025.
FBT on plug-in hybrid electric vehicles
Changes to FBT Exemptions for Plug-In Hybrid Vehicles Starting April 2025 Employers must have binding agreements in place to retain FBT exemptions for PHEVs, with new restrictions on eligibility for electric car exemptions. From 1 April 2025, a plug-in hybrid electric vehicle (‘PHEV’) will not be considered a zero or low emissions vehicle under fringe […]
Could your staff celebration attract FBT?
Consider if fringe benefits tax (FBT) may apply or you could end up with an unexpected FBT liability. With the holiday season kicking off, you may be planning a celebration with your staff. Before you hire a restaurant or book an event, make sure you work out if the benefits you provide your employees are […]
NFPs need to get ready for new return
New Requirements for Non-Charitable NFPs: Annual Self-Review Returns Changes Effective July 2024 Mandate Annual Reviews for NFPs to Confirm Tax Exemption Status From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax […]
Notice of visa data-matching program
ATO’s Enhanced Data Collection for Visa Holders The 2024-2026 Visa Data Acquisition Program in Detail The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years, including the following: address history and contact history for visa applicants, sponsors, and migration agents; active visas meeting the relevant criteria, […]
Xero’s STP Phase 2 roll out
Everything to know (and do) for the final stage of Xero’s STP Phase 2 rollout By now, most business owners are probably familiar with Xero’s approach to getting payroll data ready for Single Touch Payroll Phase 2. This will see businesses build on their existing STP reporting to share more information with the ATO and other […]
It’s time to transition to STP Phase 2
Over recent months, Xero has been keeping us updated on Xero’s Single Touch Payroll (STP) Phase 2 rollout. This will see businesses build on their existing STP reporting to share more information with the ATO and other government agencies whenever you process a pay run. Xero has now announced that all three stages of the rollout are […]
Banking business income to a private account
Recordkeeping and monitoring business cash flow The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish […]
Rental property income and deductions focus
Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and […]
SG contribution due date for June 2022 quarter
Super guarantee contribution due date for June 2022 quarter The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%. Employers that do […]
