fbt

Mid-FBT year fringe benefit compliance check-up

  It’s nowhere near Christmas yet (although a smattering of yule-infused ads have crept on to the TV), but in order to help practitioners get things right for their clients, and help them prepare for the inevitable FBT year end, the ATO has made known the fringe benefits tax issues that can benefit from a

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Board of Taxation review into FBT compliance costs

  The Board of Taxation has recently announced that it is launching a comprehensive review to determine whether there are opportunities for compliance costs to be reduced that are associated with employer obligations under FBT. In order to understand the sources of compliance costs, the Board of Taxation (BOT) is conducting focus groups, online surveys

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Beware consequences of a third party on FBT liabilities

For fringe benefits tax (FBT) to apply, the conventional wisdom is that the benefits involved are provided instead of cash salary, and further that such benefits are usually paid in respect of an employment relationship. Hence the pool of accepted FBT-attracting items — laptops, cars, entertainment expenses and so on — that an employer may

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ATO nominates the FBT issues that grind its gears

March 31 and the end of the FBT year is around the corner, so to help practitioners get things right for their clients, the ATO has made public the fringe benefits tax issues that attract its attention. Broadly (not just in relation to FBT), it says the following behaviours and characteristics tend to raise a

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Small business car parking FBT exemption

A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for

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Novated leases and claiming car expenses

Consider the following scenario.Novated leases and claiming car expenses Susan is a senior executive at XYZ Pty Ltd (XYZ). She is occasionally required to travel to regional areas to perform her duties. Susan received a vehicle under a full novated lease as part of her total remuneration package. XYZ’s policy is that any FBT liability

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Is that benefit caught by Division 7A or FBT?

A common occurrence, particularly in family companies, is the provision of benefits to shareholders of a company in which those same shareholders are also directors of the company. The question will then arise; is that payment caught by Division 7A or FBT? As a general rule, a fringe benefit arises if the company provides a

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Small business car parking FBT exemption

A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for

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Changes to employee FBT declaration forms

With the due date for FBT returns prepared by tax agents looming (the deadline is June 25 if lodging electronically), the ATO has released updated versions of five employee declaration forms for the 2016-17 FBT year. Changes to employee FBT declaration forms These updated forms reflect changes to the FBT laws that took effect on

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