iPads and the ATO

For income tax purposes, the ATO considers iPads are laptops.

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Taxation Administration Act Withholding Schedules 2010

The PAYG withholding tables effective 1 July 2010 have been released and can be found at: https://law.ato.gov.au/atolaw/view.htm?docid=OPS/OPS…

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Exempt vehicles

Following some potentially misleading advertising during the period of the investment allowance, the ATO has concerns about the potential extent of no…

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Tax law change for overpayments on fuel tax credits

Amendments recently announced by the Australian Government affect the law on fuel tax credits. These amendments arose from the Board of Taxation revie…

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Expense payments reimbursed in a later FBT year

The ATO has ruled this month to the effect that where an expense payment benefit is provided as a reimbursement of an employee’s expenses incurred i…

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Exempt Fees and Charges (Division 81) to change ‘ budget

The GST law will be amended to replace the current mechanism for exempting Australian taxes, fees and charges with a principles-based legislative exem…

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Budget – GST Margin Scheme

The margin scheme provisions will be restricted to clarify and simplify the current provisions, effective from 1 July 2010. The current margin scheme provisions are quite complex. The proposal to simplify the margin scheme provisions are the result of recommendations made by the Board of Taxation’s review regarding the administration of the GST.

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ATO funding will drive more GST audits

All GST registered entities should ensure their GST affairs are in order before the Australian Taxation Office comes knocking following the Budget mea…

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Car parking threshold for the fringe benefits tax year

The car parking threshold for the fringe benefits tax (FBT) year commencing on 1 April 2010 is $7.46. This replaces the amount of $7.25 that applied i…

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Benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2010

The benchmark interest rate for the fringe benefits tax (FBT) year commencing on 1 April 2010 is 6.65 per cent per annum. This rate replaces the rate …

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