Category

Compliance

Mar 19 2020
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Fringe Benefits Tax (FBT) hot spots

By | Business, Compliance, FBT | No Comments

FBT updates and problem areas Car parking under scrutiny Motor vehicle problem areas Mismatched FBT and income tax amounts Mismatched information for entertainment claimed as a deduction and what is reported for FBT purposes Business assets personally used by owners and staff Not lodging FBT returns Salary sacrifice problem areas Did you provide assistance to employees during a crisis? Housekeeping essentials Important FBT issues Car parking under scrutiny Important impending changes A controversial draft ruling from the ATO could expand the scope of the FBT…

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Feb 28 2017
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Electronic devices - FBT Exempt

FBT: What’s new for 2017?

By | Business, Compliance, FBT, Tax Planning | No Comments

Its coming up to that time of year again, the end of the Fringe Benefits Tax (FBT) year. It may be the least exciting of the of our ‘New Years’ that we celebrate, but lets have a look at whats new this FBT Year. The Rate The biggest impact to FBT, which carries over from the previous FBT year, is the continued application of a 49% rate. This is due to revert to 47% on April 1, 2017 (therefore applying for the 2017-18 FBT year…

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Feb 22 2017
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Sharing economy people

Tax and the sharing economy

By | Business, Compliance, Taxation | No Comments

The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how our financial transactions are conducted. As for the taxation treatment of these transactions, the ATO has found it necessary to provide guidance. By now, most people will have realised that the “sharing” part of the concept does not refer to an absence of any monetary exchange, but rather to the use and access of shared physical or human resources or assets. The means…

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Feb 23 2016
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Responsibility billboard

With great power comes great responsibility – Directors Responsibilities

By | Company, Compliance, Starting a business, Structure | No Comments

There is a classic saying that goes: “With great power comes great responsibility”. When it comes to life in the corporate world, that famous old quote rings true for company directors. Generally speaking, members of a company are commonly referred to as “shareholders”, and they own the company. Directors, on the other hand, are responsible for the management of the company’s business activities. As a director, you hold a high level of power when it comes to making these big decisions on behalf of the…

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