Getting back what you put in: Loans to get a business started

2024-03-31T10:47:25+10:00April 4th, 2024|ATO, Corporate|

It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications. A case before the Administrate

The Fringe Benefit Tax traps

2024-03-31T10:38:37+10:00March 25th, 2024|ATO, Corporate|

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) on private use.

PCR and RAT tests to be tax deductible, FBT free

2022-02-09T13:11:44+10:00February 9th, 2022|ATO, COVID-19, General, News|

The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for some time that they are tax

Go to Top