The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas: Housekeeping essentials FBT exemption for electric cars Work from home arrangements Car parking changes Mismatched information for entertainment claimed as a deduction and what is reported for FBT purposes Business asse
Future earnings for super balances above $3m taxed at 30% from 2025-26 The Government has announced that from 2025/26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superannuation in the accumulation phase will remain at 15% up […]
The ATO has updated its approach to how you claim expenses for working from home. The rate for claiming additional expenses as a result of working from home has increased from 52 cents to 67 cents per hour from 1 July 2022. You will need to take caution, as the types of expenses included have changed, and there are more record-keeping requirements.