People with holiday homes are accessing more deductions than they should and this is the reason why the ATO is concerned about those deductions and they have started asking a few questions to examine claims. In today’s blog, we’ll discuss all questions which will be...
You may know about different types of taxes. Among other taxes, one is the franking deficit tax (FDT). In today’s blog, we’ll discuss franking credit, franked distributions & FDT. A franking account records the tax amount paid that a franking entity can pass on to...
To support both the budget of Australians and the environment, the federal government has introduced a law that makes electric cars exempt from the fringe benefits tax (FBT). Continue reading this blog to know more about FBT exemption on EVs. Eligibility Criteria for...
The fringe benefits tax (FBT) exemption on eligible electric vehicles has numerous benefits for electric car buyers but there are some rules that they need to follow. When it comes to FBT exemption on electric vehicles, you might have a few questions and we are here...
With effect from 1 July 2022, employers don’t need to pay FBT on electric cars (if they are eligible for this) and associated car costs. However, you need to meet the rules. According to the legislative authority, if the price of electric vehicles falls under $84,916,...
Helping clients understand how the new FBT exemption applies (and when it doesn't) and making sure deductions are being claimed correctly can be challenging when working with clients to manage the demand for electric vehicles. This is especially true as the operating...
Staying up to date on superannuation legislation is essential not just for ensuring compliance, but also for maximising the benefits of superannuation as part of a well-prepared wealth management strategy for Tax Accountant Melbourne. We gained clarity on numerous...
The ATO has released some updated and additional (albeit brief) guidance on some of the key issues that tax practitioners should consider when clients are engaged in cryptocurrency investment or mining activities. Firstly, the latest ATO guide makes the comment that...
In September 2021, the ATO released a taxpayer alert (TA 2021/2) and some specific website guidance dealing with gifts and loans received from overseas related parties. This appears to be a focus area for the ATO at the moment with the ATO seemingly concerned that...
In November 2021 the High Court handed down its decision in Addy v FC of T [2021] HCA 34. The High Court held that Australia’s ‘backpacker tax’ is inconsistent with the non-discrimination clause contained in the double tax agreement (DTA) between Australia and the UK....