FBT and the provision of cars to employees continues to cause potholes in the road to smooth tax compliance for businesses. We run over the usual FBT return problem areas. Also, as the “sharing economy” is becoming more prevalent, the ATO has found it necessary to issue some guidance.
A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing.
We also look at tax and dividend income, and run over the options for salary sacrifice arrangements.
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)