Enhancing the transparency of income tax exemptions for certain NFPs by way of requirement to submit online annual self review forms

Currently, non-charitable not-for-profits (NFPs) can self-assess their eligibility for income tax exemptions and do not have to report to, or otherwise be endorsed as income tax exempt by the ATO. The type of organisations falling within this group include sports clubs and community service organisations. 2021–22 Federal Budget announcement As part of the 2021–22 Federal … Read more

Looking into a recent case regarding car parking fringe benefits: Virgin Australia Airlines Pty Ltd v FCT

It is not often there is a court decision involving the interpretation of provisions of the Fringe Benefits Tax Assessment Act 1986. (FBT Act). Strangely though many of the recent cases have involved the interpretation of the car parking fringe benefit provisions. In the recent case, Virgin Australia Airlines Pty Ltd v FCT [2021] FCA … Read more

Another look at the FBT treatment of equipment used in various work from home scenarios

We continue to get many questions seeking clarification regarding the FBT rules regarding how to treatment equipment ‘provided’ for use by employees in work from home scenarios. Whilst it is not our usual practice, we reproduce an article published recently which covers off the more common questions we get asked. Despite there being some possible … Read more

Car parking threshold for FBT 2021/22

The ATO has confirmed the car parking threshold for the 2021/22 FBT year is $9.25. The threshold is one of a number of matters an employer needs to consider when determining whether it provides car parking fringe benefits. Understanding the car parking threshold is critical to correctly complying with the car parking fringe benefit rules. … Read more

Categories FBT

Removing the $450 per month threshold below which superannuation guarantee is not required to be provided by the employer

As part of the 2021–22 Federal Budget, the Government announced that it will remove the current $450 per month minimum income threshold, below which employees do not have to be paid the superannuation guarantee by their employer. This is to take effect as of the first income year after Royal Assent of the enabling legislation … Read more

Employers: Don’t forget the superannuation guarantee (SG) rate rise to 10% takes effect on 1 July 2021

It is common knowledge that employers must make minimum superannuation guarantee (SG) contributions for their eligible employees. Currently, the minimum SG contribution is calculated based on the prescribed rate of 9.5%. The SG rate was originally set to increase to 10% in July 2015, however the Federal Government legislated to slow the gradual increases, delaying … Read more

GST and Asset Protection Bonds

Background and Context It is relatively common that organisations such as local Councils request and retain an asset protection bond amount from people/organisations who are due to commence building works within the municipality. In most instances these bond amounts are returned to the person at the completion of the works where no damage has occurred, … Read more

Categories GST

Member Q&A – How to calculate available ‘car parking days’ under the statutory method where parking availability is reduced due to COVID

Question The ATO guidance regarding car parking fringe benefits and COVID states: Closure of work car park If, on a particular day, your office is closed due to COVID-19 and therefore the work car park is also closed, you will not have provided a car parking benefit as there will be no car space available … Read more

Categories FBT