Miscellaneous

FBT exemption for electric vehicles legislation exempt from Fringe Benefits Tax (‘FBT’) has now been enacted into law. Certain zero or low emissions vehicles provided as a car benefit on or after 1 July 2022, can be exempt from FBT. For this exemption to apply various criteria need to be satisfied. The car needs to […]

A reminder to employers that their December 2022 super guarantee contributions (‘SG’)  were due by 28 January 2023. Do not forget the two changes to SG that commenced on 1 July 2022: the rate increased from 10% to 10.5% employees no longer need to earn $450 per month to be eligible. Employers now need to […]

Year-end (and other) staff parties Editor: With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event.  However, there are important issues to consider, including  the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients.  […]

The Administrative Appeal Tribunal (‘AAT’) has held that a taxpayer could not claim $91,239 of input tax credits (‘ITCs’) at least partly because it lodged the relevant BASs more than 4 years too late. Specifically, the GST Act operates such that, if an extension of time to lodge a BAS has not been granted prior […]

The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur, as this should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims. The following are some of the ATO’s top tips to […]