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Our Advent calendar for 2019
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Impress your friends with your knowledge!!
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Article archive
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Quarter 4 October - December 2019
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Quarter 3 July - September 2019
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Quarter 2 April - June 2019
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Quarter 1 January - March 2019
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Quarter 4 October - December 2018
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Quarter 3 July - September 2018
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Quarter 2 April - June 2018
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 2 of, 2016 archive
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Reminder – Salary and Wages PAYG Shortfall
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$20,000 Asset Write Off Reminder
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Danger for buyers of Australian property of $2 million plus
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Budget 2016-17
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FBT Time
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Fringe Benefits Tax – Company Holiday Home
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Fringe Benefits Tax – Nil
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Estate Planning - early inheritance
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ATO issues SMSF tax warning
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ATO seeks to dispel LRBA panic
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Financial tools your family and friends can use.
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$20,000 Asset Write Off Reminder
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Tax office issues warning on imminent rule change
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Age Pension means-test prevents rational decision-making
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Locking Up Bank Accounts
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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.

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