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FBT Q&A ‘ Treatment of GPS installation costs
Question Several years after a car was purchased, a GPS system was purchased and fitted to the vehicle. Do the costs that are incurred form part of the operating costs…
GST ‘ Interaction between GST and FBT
Income tax laws have been around for a long time, with the current income tax legislation essentially drawn from statutes first introduced in 1936 and 1997 (respectively the Income Tax…
FBT – Car Parking: is it really a commercial car parking station that is above the threshold?
We remind TaxEd member employers of two key conditions of the car parking fringe benefit rules that must be satisfied prior to there being any FBT liability. These issues are…
FBT ‘ Can cars provided under novated lease financing be pooled cars for FBT reporting purposes?
Regulation 8 of the FBT Regulations prescribes benefits relating to pooled or shared cars as being excluded fringe benefits. Fringe benefits which are excluded fringe benefits are not included in…
FBT ‘ FBT Rates commencing 1 April 2017
The Commissioner has published various FBT rates/amounts that will apply for the fringe benefit tax year commencing 1 April 2017. These are identified below: 1. Exemption Threshold – s. 135C…
FBT ‘ Recent Developments at a Glance: March 2017
Business Benchmarks – Are you maximising your potential to generate funds for NFP activities? NFPs that engage in commercial activities in order to raise funds to support their NFP activities…
FBT Q&A ‘ Is there a FBT limit for alcoholic drinks when an employee is travelling on work?
Question Employees are reimbursed for meals and 2 standard drinks as part of our general policy when dining while travelling on business trips involving an overnight stay. However, sometimes they…
FBT Q&A ‘ Purchase of exempt vehicle v ordinary sedan
Question We are considering the purchase of a new vehicle, where it is intended that the driver of the vehicle will have access for full business use, and will also…
FBT Q&A ‘ Reimbursement of drivers licence fees
Question Are there any fringe benefits implications for reimbursement of the cost of annual driver’s licence renewal fees? Does it depend on the type of driver’s licence? For example, some employees…
FBT Q&A ‘ Are closing odometer records still required to be kept when valuing car fringe benefit taxable values?
Question We provide car fringe benefits to our staff and we require them to keep a log book so as we can have the option of using this method to…
FBT ‘ Corporate bailment agreement; availability for private use
A car fringe benefit is provided if, at any time on a day, a car owned or leased by the employer (or associate or arranger) is used for a private…
Eligibility ‘ Recent Developments at a Glance: February 2017
(1) Service Concession Arrangements: Grantors – draft AASB Standard The Australian Accounting Standards Board has issued a draft AASB standard Service Concession Arrangements: Grantors (Fatal-Flaw Review Version) (the Draft). The…