FBT time is fast approaching!
Navigating FBT Obligations: A Reminder from the ATO Stay Ahead of the Curve with Key Tasks and New Guidelines for Fringe Benefits Tax Time The ATO has advised employers that ‘FBT time’ is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations. Employers need to ensure […]
Changes in reporting requirements for sporting clubs
Annual Not For Profit Self-Review Returns Ensuring Tax Exemption Compliance for Sporting Clubs and Associations Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption. The main purpose of a sporting organisation must be the encouragement of a […]
Christmas parties and gifts
Common entertainment scenarios for business How FBT applies to businesses for Christmas parties If your business holds a Christmas party: on a working day, on your business premises, and only for your current employees, you don’t pay fringe benefits tax (FBT) for the food and drink off your business premises, or the party includes associates […]
Taxpayers need to get their rental right
Important Tax Considerations for Rental Property Owners Reporting Rental Income and Managing Rental Expenses The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time. When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, […]
ATO gives ‘green light’ to lodge
ATO’s Tax Filing Guidance for Simple Affairs Timely Tips for Taxpayers and Key Information on Lodging Income Tax Returns The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. ATO Assistant Commissioner Tim Loh said that most taxpayers with simple affairs will find the information they need […]
Different meanings of ‘dependant’ for superannuation and tax purposes
Understanding Superannuation Death Benefit Distribution Different Definitions of ‘Dependants’ for Superannuation and Tax Purposes On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will. […]
CGT on the sales of shares and units
Capital gains tax on the sales of shares or units When you sell or dispose of shares or units you may make a capital gain or capital loss. This will depend on when you bought or acquired the shares or units. If you bought the shares or units: before 20 September 1985 – you are exempt […]
Side hustles in the ATO’s sights
ATO pursuing more forms of income as tax A recent ATO article highlights the fact that it is increasingly trying to bring more modern techniques of money-making into its tax net. ‘Side hustles’ have really grown over the past few years — everything from the gig economy and drop shippers to content creators and influencers. […]
Significant change to claiming working from home expenses
Be aware of updated rules when claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: The shortcut method – which was available from 1 March 2020 to […]
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 […]
