Latest Accounting News

Quarter 2 of, 2017 archive

  • ‘Bank-like heists’ make way for new wave of cyber crime
  • ATO reports on key contraventions for 2016-17
  • ATO, mid-tiers warn on common expenses myths
  • SMSF trustees told to take action on contributions
  • Higher instant asset write-off threshold for small business extended
  • Australian population figures
  • New data points to spiralling retirement costs
  • Personal insolvency numbers spike across Australia
  • ATO cracking down on taxable fringe benefits
  • Intangible capital improvements made to a pre-CGT asset
  • The three core pillars of this year's budget
  • Federal Budget - 2017-18 - Overview
  • Does your business import or export goods and services?
  • Federal Budget - 2017-18 - Budget documents
  • When does an asset cost less than $20,000? Depreciating assets: composite items
  • ATO finalises guidance for capped defined income streams
  • Warning on trap with trust deed updates
  • 2011 Census - what was the make up of your area?
  • It’s no secret that Australians have some of the largest houses in the world.
  • Resources on our site to help you and your family.
  • ATO defends approach to SG compliance
  • Essential steps for SMSF clients before 30 June
  • New tax incentives for early stage investors
  • FBT Reminder – Odometer Reading
  • ATO on 'aggressive' debt recovery hunt
  • More ATO downtime looms ahead of tax time
  • Tax debt release applications refused
  • Troublesome tax system overhaul picks up speed
  • Government to ‘put to bed’ uncertainties with TRIS
  • Travel expense and transport of bulky tools claim denied
  • New law sheds light on global tax issues
  • Report tips housing price spikes to wipe out super savings
  • FBT Reminder – Odometer Reading

     

    Anybody who has a FBT obligation should take an odometer reading of motor vehicles.

           

     

    This reading is one of the annual requirements of the logbook method of fringe benefits calculations for the Fringe Benefits Tax period ending 31st March 2017.

    Remember also that there are quite a few types of FBT and that Fringe Benefits Tax (FBT) law includes various categories of fringe benefits and specific valuation rules for each category. The list below outlines what needs to be considered.

    You will need to pay FBT even if the benefit is provided to an associate of your employee or by a third party under an arrangement with you.

    Benefits that attract FBT are:

    • Car fringe benefits
    • Car parking fringe benefits
    • Entertainment and fringe benefits
    • Expense payment fringe benefits
    • Loan fringe benefits
    • Debt waiver fringe benefits
    • Housing fringe benefits
    • Board fringe benefits
    • Living away from home allowance fringe benefits
    • Property fringe benefits (including property, goods or shares)
    • Residual fringe benefits (benefits not covered by the above categories)

     

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