In this article, we explore some issues relevant to 2020/21 FBT compliance for cars. The reference in this article to cars is intended to cover only passenger vehicles, not utes, vans etc. which may attract an FBT exemption in circumstances where (amongst other things) the only private travel is home/work travel, and/or other private travel […]
Car fringe benefits: Can you reduce your FBT liability in 2021? Read More »
Question What are the requirements to be able to claim GST credits on a credit card surcharge that is not shown on the tax invoice? This typically arises when making payments to suppliers using credit card via their on-line portal. Answer The ATO’s view on credit card surcharges is set out in GSTR 2014/2. Generally,
Member Q&A – Claiming GST on credit card surcharges Read More »
Question We wish to confirm whether benefits to staff consisting of remote area housing assistance in the form of employee rent reimbursements/payment are reportable fringe benefits? Answer The reportable fringe benefits regime does not apply to all fringe benefits an employer may provide to employees. Certain benefits (called ‘excluded benefits’) are not required to be
Member Q&A – Is remote area housing rent assistance a reportable fringe benefit? Read More »
Question We are working out the FBT on novated lease vehicles using the operating cost method. We are wanting to check which costs to include in the calculation. The salary packaging provider has provided the following costs: Vehicle Lease Fees Tyres Maintenance Insurance Renewal Fuel Fees and Charges (from the salary packaging provider) Are all
Question I understand the dividend income/distributions received from share/managed fund investments are not required to be reported on the BAS, however the interest earned on term deposits or through interest bearing banks accounts are required to be reported at G1 (total sales). Are you able to please explain the reasoning behind this treatment from technical
Member Q&A – GST Treatment of interest and dividends (including disclosure on the BAS) Read More »
Question If we provide a vehicle hired from a car rental company to a staff member and the staff member used the vehicle to travel between home and the workplace, garaged the vehicle at home overnight and had some other private use of the vehicle will this give rise to FBT? Answer A fringe benefit
Member Q&A – Is FBT payable where an employee is provided with a hire car? Read More »
Typically, changes to a NFP (such as the committee/officeholders etc.) occur due to or as a consequence of resolutions passed at an AGM. When these changes occur, it is easy to forget the various requirements imposed on NFP’s to notify relevant government bodies of such changes. Depending on the structure and size of your organisation,
Keeping your organisation’s details up to date with relevant government bodies Read More »
Currently, in order to be eligible for deductible gift recipient (DGR) endorsement, certain organisations are required to be registered as a charity with the Australian Charities and Not-for-profits Commission (ACNC). Charity registration is a prerequisite for 40 of the 51 general DGR categories contained in the Income Tax Assessment Act 1997 (ITAA 1997). Organisations/DGR’s that
Proposed charity registration for all non-government DGRs Read More »
