August 2020

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 […]

FBT – Reimbursement of HELP funded employee course fees 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

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

FBT compliance strategies for cars that might reduce your FBT payable Read More »

FBT Q&A – Section 57A employer endorsed part way through the year

Does endorsement of a PBI employer part-way through the year allow access to the full $30,000 grossed up FBT exemption cap? Question We are an employer that is a public benevolent institution (PBI). We only became ‘endorsed’ by the ATO as a PBI part way through the FBT year. Are we entitled to the full

FBT Q&A – Section 57A employer endorsed part way through the year 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

Payroll – JobKeeper 2.0 – An overview 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?

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

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

Payroll – The Superannuation Guarantee Amnesty deadline ends 7 Sept 2020

Employers are reminded that the deadline for the superannuation guarantee (SG) amnesty is 7 September 2020. We have covered the background to and details of the SG amnesty in previous articles – please refer to our article in the 3rd April 2020 TaxEd Update entitled ‘Superannuation Guarantee Amnesty: its relevance for NFPs‘ In broad terms

Payroll – The Superannuation Guarantee Amnesty deadline ends 7 Sept 2020 Read More »