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Reminder – Salary and Wages PAYG Shortfall
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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
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