FBT – Car Parking: is it really a commercial car parking station that is above the threshold?

We remind TaxEd member employers of two key conditions of the car parking fringe benefit rules that must be satisfied prior to there being any FBT liability. These issues are particularly important for TaxEd employers providing parking outside major CBD areas where it can be expected the car parking FBT criteria are more likely to …

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FBT ‘ Can cars provided under novated lease financing be pooled cars for FBT reporting purposes?

Regulation 8 of the FBT Regulations prescribes benefits relating to pooled or shared cars as being excluded fringe benefits. Fringe benefits which are excluded fringe benefits are not included in the employee’s reportable fringe benefits amount. Where such a pooled or shared use exists during the year the benefit is an excluded fringe benefit in …

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FBT ‘ FBT Rates commencing 1 April 2017

The Commissioner has published various FBT rates/amounts that will apply for the fringe benefit tax year commencing 1 April 2017. These are identified below: 1.            Exemption Threshold – s. 135C TD 2017/2 updates the exemption threshold for the new FBT year: ‘The exemption threshold for the fringe benefits tax (FBT) year commencing 1 April 2017 …

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GST ‘ State and Territory GST Issues: the latest published minutes of the GST ‘ States and Territories Industry Partnership

The most recent minutes of the States and Territories Industry Partnership were published in March 2017. They relate to the meeting held on 5 October 2016. (Readers seeking greater contextual clarity should refer to TaxEd’s newsletter of September 2016, which discussed the minutes of the April 2016 meeting.) The following points are noteworthy: Unimproved Land …

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Categories GST

FBT ‘ Recent Developments at a Glance: March 2017

Business Benchmarks – Are you maximising your potential to generate funds for NFP activities? NFPs that engage in commercial activities in order to raise funds to support their NFP activities can check the performance of their business activities against benchmark data assembled by the ATO. This may be a useful guide in indicating whether your …

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FBT Q&A ‘ Is there a FBT limit for alcoholic drinks when an employee is travelling on work?

Question Employees are reimbursed for meals and 2 standard drinks as part of our general policy when dining while travelling on business trips involving an overnight stay. However, sometimes they consume more than 2 standard drinks. If we reimburse them for the drinks over and above the 2 standard drinks allowed, how is this to …

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FBT Q&A ‘ Reimbursement of drivers licence fees

Question Are there any fringe benefits implications for reimbursement of the cost of annual driver’s licence renewal fees? Does it depend on the type of driver’s licence?  For example, some employees are required to hold endorsed licences that allow them to drive heavy vehicles as part of their job role, in addition to their car licences. …

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FBT Q&A ‘ Are closing odometer records still required to be kept when valuing car fringe benefit taxable values?

Question We provide car fringe benefits to our staff and we require them to keep a log book so as we can have the option of using this method to value the benefit and use it if it comes in under the statutory formula value. Are we required to obtain closing odometer records as at …

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