FBT – Reimbursement of HELP funded employee course fees

We are often asked via the TaxEd members Q&A portal about the FBT treatment where an employee’s self-education course fees are reimbursed by their employer. It is very common for staff to undertake further study in areas that assist or enable them to perform their employment role to a higher level. In most cases the … Read more

Payroll Q&A – Employer obligations for questions regarding reportable fringe benefits

Question Each year we get questions from employees regarding Reportable Fringe Benefits disclosed on their Income Statement that we are required to report under Single Touch Payroll and, previously, on their Payment summary. What are our obligations when dealing with these questions? Answer Another important year end function for employers is reporting an employee’s ‘reportable … Read more

GST and FBT – Giving vouchers to staff

It is relatively common for employers to buy and give vouchers or gift cards to staff (for example, as a gift or reward). This article looks at the GST and FBT implications that arise. Vouchers bought and given to staff Many employers provide vouchers or gift cards to staff. There are various reasons why vouchers/gift … Read more

FBT compliance strategies for cars that might reduce your FBT payable

When reflecting on an organisation’s FBT compliance, it is useful to consider any compliance strategies that may make compliance simpler and possibly achieve costs savings for future FBT years. When it comes to calculating an employer’s FBT obligation for car benefits, there are two methods available, the statutory method and the operating cost method. Logbook … Read more

Payroll – JobKeeper 2.0 – An overview

On 21 July 2020, the Government announced JobKeeper 2.0 to have effect from 29 September 2020 to 28 March 2021. This article considers some of the key modifications announced. Since its announcement on 30 March 2020, the JobKeeper Payment (‘JKP’) scheme has been a lifeline for businesses and not-for-profit entities alike, with many across various … Read more

Eligibility Q&A – When a charity receives investment income that includes dividends, can it claim a refund of franking credits?

Question Where a NFP charity receives investment income that includes dividends can it claim a refund of franking credits that are included on the dividend statements and if so how? If the charity wholly or partially owns a company that undertakes commercial activities and pays a dividend to the charity do the same rules apply? … Read more

Payments to volunteers at your NFP or charity: What to keep in mind

Volunteers play an important and necessary role within the not-for-profit (NFP) and charitable sector. Involving volunteers can add value and support your organisation in many ways including engaging a more diverse range of skills, experience and knowledge, building better relationships within the community and delivering services or projects in a more cost-effective manner. Most organisations … Read more