The Fringe Benefit Tax traps
Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) [...]
When trust distributions to a company are left unpaid
What happens when a trust appoints income to a private company beneficiary but does not actually make the payment? The tax treatment of this unpaid amount was at the Centre [...]
The Missing $3.6bn super Guarantee Payments
Workers owed $3.6bn in super guarantee Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the [...]
The Christmas Tax Dilemma
1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result in a [...]
The Rise in Business Bankruptcy
ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the [...]
Up to 10 years in prison for Deliberate ‘wage theft’
Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in addition to the criminal offence, a fine will apply. The fine [...]
The ATO Debt Dilemma
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many [...]
Are advice fees tax deductible? The final position
Are financial advice fees tax deductible? We look at the ATO’s final position. Are financial advice fees tax deductible? We look at the ATO’s final position. In September 2024, the [...]
Company Money Crackdown
Inside this month, the ATO's 'company money' crackdown, should you be the 'bank of Mum & Dad' and do your kids really want to take over your business? The ATO [...]
FBT and Uber style ride sharing
When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the [...]