Tax

Authoritative and technically accurate information and guidance on all areas of tax

FBT year about to close, compliance blowtorch about to fire up

Practitioners should note that fringe benefits tax is firmly on the ATO’s radar screen this year. Over the past 18 months the ATO, through its FBT Taskforce, has launched several audits and reviews of employers in the SME sector. FBT year about to close, compliance blowtorch about to fire up Its compliance focus in particular

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The delayed income tax offset, and how it can help

You may not get many clients who can use this tax offset, but one day you may very well get one in the door who will appreciate your familiarity with, and knowledge about the application of, the delayed income tax offset. The offset has also been labelled the lump sum payment in arrears offset. It

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Fringe benefits tax and entertainment update

In the run up to the end of the FBT year, the ATO reminds employers that a fringe benefit may be provided by another person on behalf of an employer, but may also be provided to another person on behalf of an employee (for example, a relative). Fringe benefits tax and entertainment update As far

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Tax and the sharing economy

The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how our financial transactions are conducted. Of course there is a lot more to it than that — there always is — but as far as the treatment of the taxation element of these

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Inspector-General to review the ATO’s GST refund discretion

As part of its 2017 work program, the office of the Inspector-General of Taxation (IGT) has announced that it is going to examine the ATO’s administration of an existing provision that allows it to hold on to GST refunds if it believes additional verification is required. The ability for the ATO to retain a GST

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