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FBT Return lodgement dates, Rates and Thresholds for 2021/22
Below we have compiled a quick reference guide of the key FBT rates and thresholds for 2021/22 including a comparison to 2020/21. We have also included lodgement dates for the FBT 2021 return. These rates and thresholds are available on the ATO website. ¹To be...
Managing employee relocation costs in a tax effective manner
We have recently completed our annual FBT Roadshow and once again many of the complexities of FBT were revealed through questions raised in the sessions. One common issue centred around employee relocation costs and how best to structure these costs from both the...
GST and grants: Need more guidance? Is there a better way?
From TaxEd’s perspective, we regularly receive questions via our Q&A service asking whether grants paid or received by government entities (including departments and/or councils) and not-for-profits are subject to GST. The majority of these questions agitate on...
Salary sacrificing e-bike costs
Question Our organisation is looking into the possibility of offering our employees the option to salary sacrifice electric bikes. It is our understanding, providing the e-bike is restricted to travel to and from work and other private use that is minor, these e-bikes...
Q&A – Relocation costs for new employee
Question We have recently hired a new employee. The employee was based interstate but having applied for been selected for the job will now relocate As part of the hiring process we have paid relocation expenses for this new employee – including 4 weeks...
Current ATO Advice under development and matters under consultation
As a part of the ongoing administration of taxation and superannuation laws the ATO provides various forms of information and guidance. The most common of these is the ATO website, and for more specific technical guidance the ATO issues public rulings. From time to...
FBT treatment of non-refundable cancelled events and related expenses such as flights
Due to the various travel and operational restrictions placed on businesses and individuals by State and Territory Governments in response to COVID-19, many ‘entertainment’ functions and events, such as seminars, EOFY functions and Christmas functions were...
Income Tax Exempt Sporting Clubs – Are any changes likely in the ATO view as to when exemption applies?
The ATO are currently in the process of reviewing TR 97/22 – Income tax: exempt sporting clubs and will issue a draft ruling to clarify when sporting organisations are eligible for the income tax exemption under section 50-45 ITAA 1997. The ATO has flagged that the...
National Redress Scheme & its impact on ACNC Charity/Basic Religious Charity status
Proposed new ACNC Governance Standard A registered charity must ensure that it continues to be entitled to registration with the Australian Charities and Not-for-profits Commission (ACNC). This includes meeting all the conditions for initial registration and ongoing...
ATO releases guidance on the income tax and FBT treatment of cost of travelling, accommodation, food and drink
The ATO has recently released a set of guidance documents (i.e., TR 2021/D1, PCG 2021/D1 and TR 2021/1) which outline the income tax and FBT treatment of the cost of travelling on work, as well as the distinction between travelling on work and living at a location. TR...