Is your entity really a Public Benevolent Institution?

A Public Benevolent Institution (PBI) seeking deductible gift recipient (DGR) status is required to be registered with the Australian Charities and Not-for-profits Commission (ACNC) under the charity subtype, PBI prior to seeking DRG endorsement with the ATO. In assessing whether an organisation is a PBI, most Federal, State and Territory regulatory bodies including the ACNC … Read more

GST and development leases

The ATO issued GSTR 2015/2: development lease arrangements with government agencies in June 2015. However, recently (in April 2021), the ATO updated this ruling via an addendum. This link takes you to the consolidated ruling which incorporates these updates. At the same time, the ATO also issued GSTD 2021/1: development works in the ACT Given … Read more

New FBT ’employee reskilling’ exemption: Exposure draft legislation released

As part of the 2020–21 Federal Budget, the Government announced that it would introduce an FBT exemption for retraining and reskilling benefits that employers provide to redundant, or soon to be redundant, employees where the benefits may not be related to their current employment. Currently, unless the benefit satisfies the ‘minor benefits’ exemption, FBT is … Read more

Member Q&A: Interaction between temporary asset expensing and the otherwise deductible rule

Question Is a ‘once off’ deduction allowed under the Government’s “temporary full expensing” measure for assets purchased by individuals earning salary & wages (employees)? If so, can the “otherwise deductible” rule now apply, for example, if an employee is reimbursed for the cost of home office equipment that exceeds $300. Answer The temporary full expensing … Read more

Categories FBT

Charitable institutions: Land tax and other exemptions and the need to pay attention to the detail

A recent case dealing with Victorian land tax provides a timely reminder about how the nuances of the words used in exempting provisions in tax legislation will dictate the scope of the exemption. Taxpayers should be periodically monitoring exemption entitlements (existing or potential) and not assume the status quo is correct or that the same … Read more