fbt

Vehicle benefits under COVID-19 may have changed business FBT obligations

The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax. One of the most prevalent and well-established category of fringe benefits centres on the provision and use of vehicles. The parking of a car, for instance, is a benefit that comes with

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A yuletide FBT liability? Ho ho No

Apart from giving businesses a chance to thank their employees for a job well done over a difficult year, end of year Christmas celebrations are also of course a chance to get everyone together for some fun and socialising. But while you should feel free to pop a champagne cork or three for employees, make

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Gifts, and their outcomes for FBT

Gifts provided to employees or their associates — that gold, frankincense and myrrh you picked up at the Black Friday sales — will typically constitute a property fringe benefit and therefore are subject to FBT unless the minor benefit exemption applies. Gifts, and indeed all benefits associated with a Christmas function, should be considered separately

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Amendments to FBT definition of “taxi” imminent

Treasury has just released some miscellaneous amendments that include a redefinition of the word “taxi” in regard to certain tax arrangements. An exposure draft addresses the ongoing problem for taxpayers around the definition of taxi for FBT purposes (see the second link on this Treasury webpage, “Miscellaneous Amendments Bill Explanatory Memorandum”, and scroll to page

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Benefits that attract FBT, but not the requirement to report them

Your employer clients may have heard now and then about certain fringe benefits that, while still subject to the tax, do not have the same reporting burden as other benefits. There can be consequential or flow-on affects from this exemption from reporting, such as the influence this can have on adjusted taxable income (ATI). Employers

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FBT returns, employee declarations, and some looming deadlines

An employee declaration is written advice given to an employer by their employee containing information relating to the fringe benefits staff have received. A business needs to keep employee declarations to apply certain fringe benefit tax (FBT) concessions. They are not to be sent to the ATO, but retained as part of business records. The

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FBT year ends with some hot issues targeted by the ATO

  If your client is an employer, they will appreciate being advised what the ATO is looking out for, and the fringe benefits they’re expected to report, so they can avoid attracting its attention or making costly mistakes. In this year’s updated ATO list for taxpayers, titled “What attracts our attention”, there are six items

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Top 10 Tax & Super newsroom posts for calendar 2018

  Over the calendar year 2018 there have been many notable tax and self-managed super developments. Apart from bringing news and updates to Tax & Super Australia members and many others, the newsroom page of our website can also serve as a litmus test for what matters most to the tax practitioner community (driven by

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Guide to making motor vehicle expense claims

  A perennial tax topic that clients keep coming back to is claiming expenses for a car. The following notes summarise the most salient points for your clients when it comes to claiming a deduction for motor vehicle expenses. Key points to remind your clients about include: the way a claim is calculated depends on

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Board of Taxation FBT survey now open

  As readers may be aware, the Board of Taxation is undertaking a review of compliance costs associated with fringe benefits tax (FBT). The Board is now gathering evidence through online surveys with assistance from ORIMA Research, an independent research company. If you have received an email invitation from the ATO to complete the survey,

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