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Fringe Benefits Tax key updates

01 Apr 2021

With recent economic changes and COVID-19-related measures, the ATO has recently revised a couple of its rulings.

Director Penalty Notices (DPNs)

29 Mar 2021

While some directors may not have complete visibility of the company’s tax compliance obligations, the reporting and payment obligations of a business are considered the responsibility of company directors.

The continuing evolution of stamp duty

23 Mar 2021

Yesterday, RevenueWA issued Revenue Ruling DA26.0 (“Ruling”) which sets out its interpretation of major amendments which commenced on 13 June 2019, some 21 months ago.

Financial services consolidate to provide better services

18 Mar 2021

More M&A as Financial Services organisations seek to consolidate for improved customer experiences.

Government announces $30m commercialisation fund

17 Mar 2021

The Morrison Government has announced a new $30m support fund as part of the $1.3b Modern Manufacturing Initiative, aimed at supporting the manufacturing sector to commercialise projects faster.

Superannuation contribution caps

05 Mar 2021

There is more good news for everyone looking to grow their superannuation balance. In addition to the general transfer balance cap increasing from $1.6 million to $1.7 million, the concessional and non-concessional contribution caps are also set to increase from 1 July 2021.

Taxable payments reporting system

03 Mar 2021

The ATO issued a media release on 1 March 2021 stating more than 60,000 businesses have yet to comply with lodgement requirements under the Taxable Payments reporting system (TPRS) for the 2019/2020 tax year.

Employee travel costs

03 Mar 2021

The ATO recently issued a set of three publications outlining the tax deductibility and fringe benefits tax (FBT) consequences of transport, accommodation and travel-related food and drink expenditure.

Allocation of profits within professional services firms

02 Mar 2021

The ATO has published the long awaited draft revision of the Practical Compliance Guideline PCG 2021/D2 for the allocation of profits by professional firms.

Modern Slavery Act reporting deadline extended

02 Mar 2021

The Modern Slavery Act reporting deadline has been extended to 31 March 2021.