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2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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Small business clients need to be ready for STP by 30 September
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Vital statistics for our great nation.
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3 out of 4 tax dob-ins are about business
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GST reporting: common errors and how to correct them
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LRBAs, guarantees in need of review after property market falls
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Victorian Property Valuation Cycle
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Australia - toward EOFY 2019
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Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
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Biggest personal tax cuts in a decade a priority for Government
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Government rules out GST changes following ATO report
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Crypto transactions in ATO sights with new data-matching program
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Government to establish $2 billion fund for small business lending
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Small business corporate tax rates Bill is now law
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ATO to double rental deduction audits to 4,500
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ATO set to issue excess super contribution determinations
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How's Australia going as we approach the election?
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Single Touch Payroll (STP) is compulsory for all small businesses.
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Federal Budget 2019 - Overview
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How the 2019 Federal Budget affects you
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FBT Reminder – Odometer Reading
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‘Big awareness push’ underway as STP deadline approaches
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GST collection on overseas goods at 300% of forecasts
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The problem with getting to 53 years of age.
Article archive
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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
Fringe Benefits Tax – Nil

 

Whilst many employers do provide Fringe Benefits, they often do not pay Fringe Benefits Tax because offsetting exemptions or contributions result in Nil tax payable.  Is the completion process giving tax clearance?

       

It is not uncommon to calculate the Fringe Benefits provided, but have an employee contribution or an employee exemption, eliminates the Fringe Benefits Tax payable.  In those circumstances it is not uncommon to simply lodge a “Notice of non-lodgement Fringe Benefits Tax” form.  That is permitted and it certainly is a quick and relatively economic solution.

The downside is that there is no opportunity for the Australian Taxation Office (ATO) to “close the file”.  There is no limit then on subsequent amendment or investigation by the ATO.  When an income tax return is lodged, there are time limits imposed upon ATO to subsequently amend except where there is fraud or evasion.  

Not so, with lodgement of this “No tax payable” Fringe Benefits Tax form.

Employers providing benefits should weigh up the benefit of some certainty after the relevant time has elapsed against the additional, but relatively small cost, of submitting a Fringe Benefits Tax return.

 

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