Tax

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

New fleet “safe harbour” approach for car fringe benefits

The ATO has announced that, after consultation and collaboration with business taxpayers and industry representatives, it has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method. In ATO parlance, a safe harbour is a guideline that allows taxpayers to make use of a simplified and efficient

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Modernising the ATO’s existing public rulings

The ATO has produced a large number of public rulings over many years. Although most are current, many have not been updated in a very long time. To address this situation it has announced a program of modernisation of its database of rulings under its new “advice under development” program. This initiative allows practitioners to

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Trusts demystified

A dictionary definition of a trust is: “A fiduciary relationship in which one person (the trustee) holds the title to property (the trust estate or trust property) for the benefit of another (the beneficiary).” Why create a trust? One of the big motivations will be to protect assets. Property and assets can be moved into

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