Fringe Benefits Tax 2023
Ali Suleyman, Elena Bogomolova and Gary Matthews from Pitcher Partners Melbourne, present the annual Fringe Benefits Tax (FBT) Update.
Financial efficiencies for the Not-For-Profit sector
As the world emerges from the pandemic crisis, regulatory authorities are once again turning their attention to compliance matters.
Temporary full expensing rules are ending on 30 June 2023: What does this mean for your business?
The temporary full expensing (“TFE”) rules provide for a full deduction to businesses for the cost of eligible depreciating assets in the year they are first used, or installed ready for use, for a taxable purpose prior to 30 June 2023. Taxpayers should bear this strict timeline in mind to avoid missing out on accelerated tax deductions. Merely contracting for the purchase of an asset, or even becoming the owner of the asset by 30 June 2023 is not sufficient.
ATO finalises work from home deduction approach for 2023 income year
The ATO has released final guidance on how employees may choose to calculate their work from home deductions for this financial year. Employees will be able to choose between a fixed rate method of 67 cents per hour, or calculating the actual expenses incurred, working from home.
Our advocacy work: Non-arm’s length expense rules for superannuation funds
The non-arm’s length expense (“NALE”) rules for complying superannuation entities were introduced with effect from 1 July 2018.
Refund opportunity for duty and land tax surcharges paid by foreign persons
Revenue NSW announced this week that the duty and land tax surcharges imposed on foreign owners of land in NSW is inconsistent with the international tax treaties entered into by the Federal Government with New Zealand, Finland, Germany and South Africa.
No deductions to be allowed for Victoria’s new rezoning tax
Treasurer Tim Pallas has confirmed that the Victorian Government will not introduce regulations to allow deductions in relation to the new Windfall Gains Tax which commences on 1 July this year.
Mixed success for taxpayer in Guardian appeal provides little comfort for trusts
The Full Federal Court has handed down its decision in FCT v Guardian AIT Pty Ltd [2023] FCAFC 3 (“Guardian”) which considered the application of anti-avoidance rules to trust distributions to a corporate beneficiary.
ATO finalises guidance on the anti-avoidance provision dealing with trust distributions (section 100A)
The ATO has finalised draft guidance on the application of section 100A to trust entitlements, staying close to the original released earlier this year. The finalisation comes despite two cases (both for and against the Commissioner) currently on appeal to the Full Federal Court. The guidance provides a very stringent view by the ATO on what may fall within the scope of section 100A. This may create significant risks with respect to trust distributions that will need to be managed very carefully.
Federal Budget 2022-23 | October: Melbourne Livestream
On Wednesday 26 October 2022, Pitcher Partners hosted an in-person event with expert commentary on the new Labour Government’s approach to economic management – its updated version of the 2022-23 Federal Budget.