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Common Mistake: Applying the Minor and Infrequent Benefits Exemptions
Many employers are unknowingly falling foul of the FBT regime through an incorrect interpretation of the minor and infrequent exemption allowed for benefits that cost less than $300. The most prevalent area where employers find themselves in trouble when
What is a Car Fringe Benefit?
A car fringe benefit commonly arises when an employer makes a car they own or lease available for the private use of an employee. If you conduct your business through a company or trust, you may be an employee
Tips and Traps: Entertaining, Meals and FBT
An everyday occurrence across the business landscape in Australia is the practice of taking both existing and potential clients out for a meal to cement the business relationship, with the cost of this meal often covered by one party. Equally,
COVID-19 Rapid Antigen Tests (RATs) are Now Tax Deductible!
RATs are now tax deductible! And no FBT. As we move into living with COVID as the new norm, the Federal Government have finally caught up with the fact that PCR and rapid antigen tests (RATs) for COVID are
Are You Providing Employee Benefits Due to COVID-19? Look Out for FBT
Are you providing COVID-19 related benefits to employees? Business owners providing benefits in addition to salary or wages because of COVID-19 need to check if fringe benefits tax could apply. Although you may be providing various benefits to create
Six Reasons to Update your Family Discretionary Trust Deed
When you first set up your discretionary trust it was for a specific purpose - whether asset protection, tax minimisation or to build a family wealth structure. However, like a mobile phone, what features were once popular may have