by wladvisory | Jan 6, 2020 | Tax News
The ATO, after consultation and collaboration with business taxpayers and industry representatives, has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method. In ATO parlance, a safe harbour is a... 
by wladvisory | Dec 23, 2019 | Tax News
Gifts provided to employees or their associates — that gold, frankincense and myrrh you picked up at the Black Friday sales — will typically constitute a property fringe benefit and therefore are subject to FBT unless the minor benefit exemption applies. Gifts, and... 
by wladvisory | Nov 26, 2019 | Tax News
The ATO has appealed to the Full Federal Court against the decision in the matter of Addy v Commissioner of Taxation [2019] FCA 1768. This is the case that found that a taxpayer was not subject to the “backpackers tax” basically due to the operation of an article... 
by wladvisory | Nov 6, 2019 | Monthly Tax Updates
The ATO has released TR 2019/D6, which provides the ATO’s preliminary view on the application of para 8-1(2)(a) of the ITAA 1997 to labour costs related to the construction or creation of capital assets. This draft ruling applies to taxpayers incurring labour... 
by wladvisory | Oct 18, 2019 | Monthly Tax Updates, Tax News
What types of legal expenses are tax deductible? When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in...