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Hot Issues
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
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No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
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Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Our website is really our digital office.
‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
Super changes: $1.6 million transfer balance cap and death benefit pensions
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Articles
Reminder – Salary and Wages PAYG Shortfall
$20,000 Asset Write Off Reminder
Danger for buyers of Australian property of $2 million plus
Budget 2016-17
FBT Time
Fringe Benefits Tax – Company Holiday Home
Fringe Benefits Tax – Nil
Estate Planning - early inheritance
ATO issues SMSF tax warning
ATO seeks to dispel LRBA panic
Financial tools your family and friends can use.
$20,000 Asset Write Off Reminder
Tax office issues warning on imminent rule change
Age Pension means-test prevents rational decision-making
Locking Up Bank Accounts
ATO figures show property investors missing out on tax breaks
FBT Time

 

As we all know Fringe Benefits Tax is a tax liability on employers.



       


A few refresher points:-


Any employer who has any FBT liability for the current period must lodge a return.


If the fringe benefits taxable amount for the FBT year is nil, a “non-lodgement” form can be completed and lodged by the time the return is due.


FBT rate is 49% for 2015-16


A company director is considered to be an employee for FBT purposes.  A director of a company is typically an employee for FBT purposes.  This can even be the case where the director has not been renumerated with salary and wages.


When a company provides a benefit to a director in their capacity as an employee, who is also a shareholder, professional help will be needed.  How many directors use holiday home that is owned by that company or family trust for free?


Refer to Article Fringe Benefits Tax – Company Holiday Home


Car Fringe Benefits


The car fringe benefits rules only apply if the vehicle provided to the employees satisfies the meaning of a “car”.  Reduce car base value by 1/3 provided that the car has been held by the employer for at least four full FBT years.


Meal entertainment for FBT purposes excludes any expenditure in relation to recreation.




26th-May-2016