Salary packaging expense payment benefits

In Taxation Ruling TR 2012/8, Commissioner considers whether amounts received in respect of legal costs incurred in disputes concerning termination of employment should be included in assessable income as an employment termination payment or as an assessable recoupment where the legal costs are tax deductible for income tax purposes.

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Management and services contracts relating to the lease of a property

A recent Addendum to GST Ruling GSTR 2002/5 has helped to clarify the circumstances in which a supply of real property subject to an existing tenancy can be treated as a GST-free supply of a ‘going concern’.

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Federal Budget 2015 ‘ Key FBT Changes

1. FBT changes for work-related electronic devices The Government will allow a FBT exemption from 1 April 2016 for small businesses with an aggregated annual turnover of less than $2 million that provide employees with more than one qualifying work-related portable electronic device, even where the items have substantially similar functions.

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Salary packaging long-service awards

An employer may provide a benefit to an employee in respect of long service. Such a benefit will be exempt from FBT so long as the taxable value does not exceed $1,000 for 15 years of service and an additional $100 per year above 15 years.

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Payroll – Fly-In Fly-Out and Drive-In Drive-Outs Lose Out

Effect of Federal Budget Measures on Payroll Fly-In Fly-Out and Drive-In Drive-Outs Lose Out The Zone Tax Offset will no longer be available for these types of workers where their normal residence is not within a “zone”. Effective 1 July 2015.

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GST Q&A – Collecting Fees on Behalf of Others

Council collects green fees which is a taxable service on behalf of Rotary Club for Charity event. We therefore remit GST back to ATO. Rotary Club is not registered for GST.

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GST Q&A – Fees to use Facilities

Should Council be assessing these fees in accordance with Div 81 or will the GST depend on the managers/lessees GST status. Many of the external parties are not registered for GST. Currently indicates if the fee includes GST or not. Should we be silent in this regard?

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GST Q&A – Tax Invoices and Second-Hand Goods

Council has been requested to provide a GST tax inclusive invoice for the sale of 2nd goods (machinery) to a company for $20,000. The item was sold on consignment via an agent.

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Federal Budget 2015 ‘ Key FBT Changes

1. FBT changes for work-related electronic devices …

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Consequential amendments

The general GST rules for registration, tax periods and GST returns, as well as the various turnover thresholds, will need to be modified to accommodate the new rules for intangible offshore supplies. The general rule is that non-residents are only required to be registered if they make supplies connected with the indirect tax zone, and […]

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