Valuing Car Parking Fringe Benefits

By Warren Kruger / March 23, 2020 / 0 Comments

  | | | Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (‘FBT’) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have engaged an arm’s length […]

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New Gig Economy Reporting

By Warren Kruger / February 16, 2020 / 0 Comments

  | | | Additionally, the MYEFO also announced the Government’s intention to implement a new third party reporting regime for the sharing economy. This will apply to businesses who operate via online platforms within the ‘sharing’ or ‘gig’ economy (e.g., Uber and Airbnb). It is proposed to be introduced in two stages, starting from […]

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Proposed New Record-Keeping Course

By Warren Kruger / February 12, 2020 / 0 Comments

  | | | One new tax-related measure of note in the MYEFO was the announcement the ATO would be provided with a new discretion to direct taxpayers (found to be lacking in their substantiation efforts under audit) to undertake an approved record-keeping course, instead of applying financial penalties. This is yet another measure designed […]

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2019-20 Mid Year Economic and Fiscal Outlook

By Warren Kruger / February 8, 2020 / 0 Comments

  | | | Treasury has released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion. WANT TO TALK ABOUT THIS? CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW

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The ATO’s Bushfire Crisis Response

By Warren Kruger / February 4, 2020 / 0 Comments

  | | | In response to the devastating bushfires across large parts of Australia, the ATO has been keen to advise those impacted that it understands peoples priority is their family and community. If taxpayers live in one of the identified impacted postcodes, the ATO will automatically defer any lodgments or payments, meaning that […]

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Using The Cents Per Kilometre Method

By Warren Kruger / October 20, 2019 / 0 Comments

  | | | The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they […]

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