Reduction in FBT rate from 1 April 2017
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May 8, 3 years ago

Reduction in FBT rate from 1 April 2017

In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years. However, the rate reverted to 47% from 1 April 2017. Th…

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May 8, 3 years ago

Cents Per Km Deduction Rate ‘Reminder’ For Motor Vehicle Expenses

The Commissioner of Taxation determined that the rate at which work-related motor vehicle expense deductions may be calculated using the cents per kilometer method is 66 cents per kilometre for the income year commencing 1 July 2016 i.e the upcoming …

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Dec 16, 4 years ago

ATO Moves on Cafés and Restaurants

The ATO has advised that they will be visiting restaurants, cafés and take-aways in Box Hill (Melbourne) over the coming months as part of its ongoing Australia-wide program involving the café and restaurant industry. Assistant Commissioner Michael…

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Dec 16, 4 years ago

Zone Tax Offset Changed for fly-in-fly-out Workers

In a direct sign of our ever-changing working landscape, many of our client’s working day now consists of what is termed FIFO arrangements. Simply speaking, this is a ‘fly in fly out’ situation that enables the taxpayer to obtain continual work…

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Dec 16, 4 years ago

Credit and Debit Cards Data-Matching Program

The ATO has announced that they will conduct a data-matching program on credit and debit card transactions for the 2012/13 and 2013/14 years. Data will be collected from the following financial institutions for the data-matching program: • American…

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Dec 16, 4 years ago

Immediate Deductibility of Capital Start-Up Expenses

From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital. Claimable business-related start-…

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