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FBT on Utes – Do I have to pay FBT on my ute?
Good news for you an employee’s private use of a taxi or a panel van, utility (ute) or other commercial vehicle is exempt from fringe benefits tax (FBT) if their private use is limited to:
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New law to make Teslas and other electric cars FBT free
From 1 July 2022 employers do not pay FBT on eligible electric cars and associated car expenses. For FBT return preparers, in the tax return, include the value of these exempt car fringe benefits in the calculation of an employee’s reportable fringe benefits amount. This is part of the Australian Government drive to increase take…
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ATO changes to claim Work from Home expenses
We have been receiving a lot of queries regarding the recent changes to Work from home. The ATO made some changes effective from 01 Mar 2023 • data and internet • mobile and home phone usage • electricity and gas • computer consumables (e.g., printer ink) • stationery Please note you cannot claim a separate…
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Electric vehicles FBT
New rules from ATO for FBT on Electric Vehicles The Australian Government has announced a proposal to remove the Fringe benefit tax (FBT) on electric cars from 01 July 2022. This measure is not yet law. If enacted, this will apply from the FBT year beginning 1 April 2022. For FBT return preparers, in the tax…
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Update on Single Touch Payroll (STP) Phase 2 Registration – ATO’s payroll STP phase 2 registration.
STP Phase 2 is expanded form of STP reporting. As you may be aware, the STP Phase 2 is aimed at enhancing the efficiency and accuracy of payroll information. Under STP Phase 2, we will be reporting additional information to the ATO through payroll lodgements. Previously all income types were reported in total as Wages to…
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Luxury Car Limit (LCT)
Cars with a luxury car tax (LCT) value over the LCT threshold attract an LCT rate of 33%. Luxury car tax thresholds If you import or sell a car with a GST-inclusive
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2022 Cryptocurrency Tax Guide Australia
The Australian Taxation Office (ATO) released the cryptocurrency taxation laws some time ago. This passing of the tax law was a predictable move by the government, considering they have been rallying to regulate cryptocurrencies and reform the laws regarding blockchain assets. Australia has the third-highest adoption rate of cryptocurrency globally, and Bitcoin is the highest-held…
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What is DeFi?
DeFi or Decentralized Finance is a blockchain niche where all financial services are provided in a decentralized manner and executed in an open, trustless, and permissionless manner. The latter three traits are the core of DeFi. Let us give you a small example of a DeFi operation to help you understand this better. Sushiswap is…
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Are NFTs Taxable in Australia?
Since 2019, the Australian government has taken the necessary steps to gain visibility in the cryptocurrency space, monitor it, and even control it. For instance, the government started collecting data in May 2019 from Designated Service Providers (DSPs) to ensure that people trading in cryptocurrencies are paying taxes properly. The same attention is being shown to NFTs as…
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Overview and FAQs
In a highly speculative market and the emergence of Cryptocurrency in the mainstream media in 2017, the potential investment opportunities for everyday Australians has become a new phenomenon. With the significant increases in the value of Cryptocurrencies like Bitcoin and Ethereum, many Australians have moved away from the typical investing in shares and property and…
