In mid July, the Government sparked a frenzy when it announced plans to remove the statutory formula method for salary sacrificed and employer provided vehicles.
The announcement has meant that most businesses, and as it turns out Governments, have postponed entering into any new agreements (e.g. novated leases) until there is great... |
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The Taxable Payments Annual Reporting is a new obligation placed on businesses in the Building & Construction Industry for the 2013 financial year. The first Taxable Payments Annual Report is due 21st July 2013 for payments made in the 2012-13 financial year (forms have been sent out from the ATO) . In this first year if you lodge your bu... |
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The countdown to the end of the financial year is on and that means you should start to focus on your end of financial year position and any tax planning that is appropriate for you. Don’t leave it till the last minute. No decision, or rushed decisions, can lead to the wrong outcome. Here is the starting point of the proc... |
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The FBT year runs from 1 April to 31 March. FBT is one of those areas that many employers struggle with; not because the tax is complex but because of the level of detail required to fulfil your obligations.
We explore:
The key FBT issues every business needs to know
• How do I know if I need to pay FBT?
• What is exempt from FB... |
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Fringe benefits tax (FBT) exists to ensure that employees are not getting income disguised in another form and avoiding income tax. But such a broad concept has its problems. With the FBT year ending on 31 March, it's a good time to explore the myths and realities of fringe benefits and why so many employers get it wrong.
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