In the June 2021 Tax Update (click here) we covered an announcement in the 2021-22 Federal Budget that will have widespread application across the not-for-profit sector. The issue is summarised below. 2021–22 Federal Budget announcement As part of the 2021–22 Federal Budget, the Government has announced that it will enhance the transparency of income tax […]
Despite the best of intentions, employers will from time to time find that they have underpaid/late paid employee superannuation entitlements. Once an underpayment or late payment is identified, corrective action is required. One of the unfortunate consequences is the potential imposition of penalties. It has been almost a year since the super guarantee (SG) amnesty
Superannuation Guarantee Charge and remission of penalties – the state of play Read More »
Question We are looking at the option of providing ongoing working from home (WFH) arrangements to our corporate staff based on a 3 days in the office/2 days at home, or one week in the office/one week at home cycle. If it is the employee’s choice to work from home for some of the time,
Member Q&A – FBT travel and ongoing working from home arrangements Read More »
On 16 June 2021, the Commissioner issued Taxation Ruling TR 2021/2 ‘Fringe benefits tax: car parking benefits’ (‘the Ruling’), setting out the Commissioner’s views on when the provision of car parking is a ‘car parking benefit’. The final ruling has been a long time coming and completes a process involving the issue of a draft
ATO finalises car parking fringe benefit ruling – what’s changed? Read More »
In the May 2021 TaxEd Update, we discussed the implications of the recent Virgin Australia Airlines Pty Ltd v FCT [2021] FCA 523 (‘Virgin’) FBT and car parking case – if you missed the article, click here to have a read. In short, Virgin was successful in establishing it did not have an FBT liability
The Virgin Airlines FBT and car parking case – appealed by ATO Read More »
ATO announces data matching program on novated leases – employer implications? The ATO has advised it will be undertaking a data matching program with information sourced from novated lease providers in respect of the years 2018-19 to 2022-23. The ATO will source data from the following novated lease providers: Eclipx Group; LeasePlan; LeasePLUS; McMillan Shakespeare
ATO announces novated lease data matching project Read More »
We continue to get many questions seeking clarification regarding the FBT rules regarding how to treatment equipment ‘provided’ for use by employees in work from home scenarios. Whilst it is not our usual practice, we reproduce an article published recently which covers off the more common questions we get asked. Despite there being some possible
Another look at the FBT treatment of equipment used in various work from home scenarios Read More »
As part of the 2021–22 Federal Budget, the Government announced that it will remove the current $450 per month minimum income threshold, below which employees do not have to be paid the superannuation guarantee by their employer. This is to take effect as of the first income year after Royal Assent of the enabling legislation
Question Typically, our long service awards are paid as Westfield gift cards and are exempt from FBT under the long service awards exemption. In the most recent case, the staff members have received a winery gift card and restaurant gift card instead. Can we still apply the long service awards exemption? Or is this seen
Member Q&A: Long service awards by way of ‘entertainment’ gift cards? Read More »
The ATO has provided some useful and taxpayer friendly guidance regarding the FBT treatment of various scenarios where an employer provides equipment to an employee to support a ‘working from home’ scenario. The ATO guidance (titled COVID-19 and working from home benefits) was issued on 12 March 2021 and can be viewed here. In this
FBT treatment of equipment used in various WFH scenarios: important ATO clarifications Read More »
