The Board of Taxation has announced that it is conducting a review into FBT compliance costs. Click below to read how this could affect your organisation.
Car fringe benefits: Recipient payments received after FBT year-end but before lodgement. What can I do?
Can the taxable value of a car fringe benefit be reduced by a recipient’s payment that has been made after the end of the Fringe Benefits Tax (FBT) year but prior to the lodgment of the FBT return?
The ATO has released GSTR 2018/1 dealing with supplies of real property connected with Australia. While the ATO view does not appear to have changed, the ruling is a useful reminder of the need to consider relevant definitions, the characterisation of the supply and the specific facts of transactions.
Last month, we discussed the positives and negatives of applying for Private Rulings. Where a specific tax issue affects a group of taxpayers, it may be more effective to apply for a Class Ruling. This article identifies the key considerations for members seeking a Class Ruling.
FBT – PCG 2018/3: Exempt car benefits and exempt residual benefits: compliance approach to determining private use of vehicles
The ATO has finalised its draft Practical Compliance Guideline with respect to its compliance approach in relation to determining private use of exempt vehicles. This article considers the practical relevance of both the draft and finalised Guidelines.
Use of Private Rulings is one means of dealing with uncertainty of application of FBT, GST and other taxes. This article looks at some advantages and disadvantages of seeking Private Rulings.
Eligibility – Gift Deductibility and other NFP Tax Concessions – the ATO view of requisite nexus with Australia
In order to access income tax concessions (exemption from tax, gift deductibility status, and access to franking credit refunds), NFPs must meet certain degrees of nexus with Australia. This article outlines the tests and then discusses the nexus pre-condition governing entitlement to gift deductibility. In an accompanying article ‘Tax Exemption and Refund of Franking Credits […]