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June 2009
Page 4
Motor Vehicle and Fringe Benefits Tax
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Where an employee has use of a motor vehicle
provided by the employer, a fringe benefit will arise where
there is private usage.
To avoid having to pay fringe benefit tax,
the employee can make a contribution to reduce the taxable
benefit to NIL. Where the size of the contribution is
calculated using the logbook method, an election must be
made to have this method used or the statutory formula
method is the default. |
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The election must be made before
the fringe benefit return for the period is lodged.
To comply with this provision
under the FBT Act, it is now the policy of Coutts Partners
to lodge an FBT return where this situation exists. The
return will be a NIL return but by lodging the return the
election is automatically made. Remember the employee
contribution to reduce the benefit is assessable income to
the employer and GST must be remitted to the ATO. |
Standard Business Reporting (SBR)
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Standard Business Reporting (SBR)
is due for implementation from 1 July 2010. SBR concerns
business-to-government reporting, aiming to streamline and
simplify the process. Financial reporting will be the first
focus, including business activity statements, ASIC
reporting and payroll tax.
Keep an eye on our website
for updates and information about SBR. |
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