The Australian Labor government’s proposed changes to superannuation tax rules have sparked serious concern among investors, retirees, and financial professionals. Experts are warning that these changes could damage the very foundations of Australia’s retirement system — the “lifeblood of Australia” — and lead to unintended financial consequences for many Australians. At Boa & Co. Chartered […]
Each year, the Australian Taxation Office (ATO) publishes a ruling on what it considers a “reasonable travel allowance.” If your employer pays you a travel allowance and your claim doesn’t exceed this reasonable amount, you generally aren’t required to keep written evidence like receipts or a travel diary. Sounds convenient? Not so fast. In reality,
Travel for Work? Here’s What You Need to Know About Travel Deductions in 2025 Read More »
From 1 April 2024, the Australian Taxation Office (ATO) has introduced new flexibility for employers preparing their 2025 Fringe Benefits Tax (FBT) returns. This change gives businesses a practical opportunity to simplify their record-keeping requirements, saving time and reducing paperwork. What’s Changed? Previously, employers were required to keep specific declarations or travel diaries from employees
The ATO has officially responded to the Full Federal Court’s recent decision in Commissioner of Taxation v Bendel [2025] FCAFC 15, a ruling that has sparked significant interest across the accounting and private business sectors. This case dealt with the treatment of unpaid present entitlements (UPEs) from trusts to private companies and whether these should
On 6 February 2025, the Federal Court handed down its decision in Toowoomba Regional Council v Commissioner of Taxation [2025] FCA 161, ruling in favour of the taxpayer. The Court found that a parking facility provided by the Council to its employees did not constitute a “commercial parking station” under fringe benefits tax (FBT) law,
FBT Car Parking Under Scrutiny: What the Latest Court Decision Means for Employers Read More »
The Fringe Benefits Tax (FBT) year for 2025 has ended, and it’s time for employers to review how they’ve treated employee travel expenses — especially with the new relaxed travel diary requirements now in place. Correctly classifying business travel, living away from home (LAFHA), and relocation is crucial. Why? Because each category has different FBT
2025 FBT Update: Business Travel vs. LAFHA vs. Relocation – What Employers Need to Know Read More »
For companies with a 30 June 2024 financial year-end, the deadline to register eligible Research & Development (R&D) activities under the R&D Tax Incentive program is fast approaching. To access this valuable government incentive, you must submit your registration through the Department of Industry, Science and Resources (DISR) customer portal by 11:59pm AEST, Tuesday 30
R&D Tax Incentive Deadline Approaching – Register by 30 April 2025 Read More »
In this edition of the 2025 FBT Series, we explore how loan fringe benefits and debt waiver fringe benefits may arise and highlight some key considerations for employers to ensure compliance with Fringe Benefits Tax (FBT) obligations relating to these types of benefits. Loan Fringe Benefits What is a loan fringe benefit? A loan fringe
2025 FBT Series: What You Need to Know About Loan and Debt Waiver Fringe Benefits Read More »
Australia’s latest Federal Budget paints a mixed picture—while higher-than-expected tax revenue has strengthened the economy, increased government spending means debt and deficit levels are also on the rise. For individuals, investors and business owners, understanding what’s changing and how to plan ahead is more important than ever. This article breaks down the key takeaways of
As we approach the 2025 Fringe Benefits Tax (FBT) season, employers must start planning their annual FBT return process to ensure compliance while minimizing tax burdens. This year, the Australian Taxation Office (ATO) has introduced new record-keeping requirements, effective from 1 April 2024, aimed at simplifying compliance and reducing administrative burdens. For businesses and investors,