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FBT compliance strategies for cars that might reduce your FBT payable
When reflecting on an organisation’s FBT compliance, it is useful to consider any compliance strategies that may make compliance simpler and possibly achieve costs savings for future FBT years. When…
FBT Q&A – Section 57A employer endorsed part way through the year
Does endorsement of a PBI employer part-way through the year allow access to the full $30,000 grossed up FBT exemption cap? Question We are an employer that is a public…
Payroll – JobKeeper 2.0 – An overview
On 21 July 2020, the Government announced JobKeeper 2.0 to have effect from 29 September 2020 to 28 March 2021. This article considers some of the key modifications announced. Since…
Eligibility Q&A – When a charity receives investment income that includes dividends, can it claim a refund of franking credits?
Question Where a NFP charity receives investment income that includes dividends can it claim a refund of franking credits that are included on the dividend statements and if so how?…
Salary packaging – Salary sacrifice of accrued leave
Timing is crucial when it comes to salary sacrificing leave entitlements. The Commissioner’s view on the taxation implications of salary sacrifice arrangements is discussed in Taxation Ruling TR 2001/10. A…
Effective FBT control environments
Are you effectively managing your FBT risk? It’s an opportune time to review your processes. With the 2020 FBT return lodgment now behind you and with your organisation’s FBT processes…
FBT Q&A – Provision of gifts to long serving employees
Is a local government organization entitled to claim FBT exemption for long service gifts under s. 58Q of the FBT Act? Question Would you please provide guidance in relation to…
FBT – Car Parking threshold for FBT 2021
If employer-provided parking is supplied to employees, have you considered whether the applicable car parking threshold is exceeded for the 2020-21 FBT year? We remind TaxEd members that the car…
FBT and Eligibility – Cents per km rates
Have you factored in the 2020-21 car expense rates for FBT and Income Tax purposes respectively? FBT – cents per km rate for motor vehicle (other than a car) applied…
GST Q&A – Acquiring property without applying the margin scheme
What happens where the vendor wants to apply the margin scheme, but the purchaser doesn’t? Question We are a local government entity and are purchasing a private property in order…
Payroll – JobKeeper: The latest of many changes
The stream of JobKeeper changes continues – are you up to date with these? Over the last few newsletters, we have featured articles regarding the JobKeeper Payment (‘JKP’) scheme….
FBT Q&A – Reportable FBT in relation to motor vehicle benefit
Where a vehicle is used for full private use successively by different employees in an FBT year, does each employee have a reportable fringe benefit? Question Our CEO left after…