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Life Interests Testamentary Trusts

WHAT IS FBT

Fringe Benefit Tax (FBT) time is just around the corner, the FBT year ends on 31 March. FBT is a tax levied on businesses for benefits that it provides employees in addition to their normal pay (see below for examples).

Common Fringe Benefits include:

Vehicles where the vehicle is provided for employees and is available for personal use
Car parking benefits
“Entertainment” such as meals, drinks, tickets to an event, or even a holiday
Loans to employees at reduced interest rates
Paying for personal expenses – school fees, health insurance, bills, providing accommodation

For more information visit: https://www.ato.gov.au/General/Fringe-benefits-tax-(fbt)/

The content within these articles was correct at the time of writing. Please contact us for updated information and advice.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

blog archive

2021

REMINDER – QUARTERLY SUPERANNUATION PAYMENTS

2020

WHAT ARE PAY AS YOU GO (PAYG) TAX INSTALMENTS?

REVISED DATE FOR QUARTERLY SUPERANNUATION PAYMENTS

VICTORIAN BUSINESS GRANTS

JOBKEEPER EXTENSION

DEDUCTIBLE SUPER CONTRIBUTIONS 2020 FINANCIAL YEAR

SIMPLIFIED WORKING FROM HOME

EARLY RELEASE OF SUPERANNUATION FOR INDIVIDUALS

INCREASED INSTANT ASSET WRITE-OFF

ENSURE YOU CLAIM YOUR SUPERANNUATION CONTRIBUTIONS FOR THE 2019-20 YEAR

HAVE YOU CONSIDERED THE ALTERNATIVE TEST FOR THE JOBKEEPER PROGRAM?

VICTORIAN BUSINESS SUPPORT FUND GRANTS EXPANDED

HAS YOUR BUSINESS ENROLLED IN THE JOBKEEPER PROGRAM?

LODGEMENT DATES EXTENDED

REMINDER – FEBRUARY ACTIVITY STATEMENT

WHAT ARE PAY AS YOU GO (PAYG) TAX INSTALMENTS?

LIFE INTERESTS – TESTAMENTARY TRUSTS

REMINDER – DECEMBER BUSINESS ACTIVITY STATEMENT

REMINDER – JANUARY ACTIVITY STATEMENTS

BOOKKEEPER POSITION

KEY TOPICS FOR SMALL BUSINESS

REMINDER – QUARTERLY SUPERANNUATION PAYMENTS

ACCOUNTANT – BUSINESS SERVICES & TAXATION

2019

MERRY CHRISTMAS

REMINDER – NOVEMBER ACTIVITY STATEMENT

INVESTMENT PROPERTY TAXATION

REMINDER – BUSINESS ACTIVITY STATEMENTS

REMINDER – OCTOBER ACTIVITY STATEMENT

SUB-DIVIDING LAND? YOU MAY HAVE TO PAY GST

EMPLOYEE SOCIAL EVENTS – HOW TO TREAT THEM

GST REGISTRATION

BENEFITS OF LODGING YOUR INCOME TAX RETURN WITH A REGISTERED TAX AGENT

SINGLE TOUCH PAYROLL

REMINDER – QUARTERLY SUPERANNUATION PAYMENTS

IMMEDIATE DEDUCTION FOR FENCING OR FODDER STORAGE ASSETS

TRACK YOUR EXPENSES USING THE ATO MYDEDUCTIONS APP

REMINDER – AUGUST ACTIVITY STATEMENTS

PROVIDING BENEFITS TO YOUR EMPLOYEES?

SELLING AN INVESTMENT PROPERTY? CHECK YOUR COST BASE!

ASK THE EXPERTS

REMINDER – BUSINESS ACTIVITY STATEMENTS

REMINDER – JULY ACTIVITY STATEMENTS

BUYING, SELLING, DEVELOPING PROPERTY?

WHO IS MY BOOKS & PAYROLL

BENEFITS OF ONLINE ACCOUNTING SOFTWARE

WHY AM I MAKING A PROFIT BUT HAVE NO CASH?

TIME TO SET SOME BUSINESS GOALS

Celebrating the End of the Financial Year

END OF FINANCIAL YEAR TAX PLANNING

REMINDER – MAY ACTIVITY STATEMENTS

SINGLE TOUCH PAYROLL IS ABOUT TO LAUNCH

WHAT DOES THE FEDERAL ELECTION RESULT MEAN FOR PERSONAL TAX CUTS?

ACCOUNTANT – BUSINESS SERVICES & TAX – MACEDON RANGES

FUEL TAX CREDITS HAVE INCREASED

REMINDER – BUSINESS ACTIVITY STATEMENTS

POSITION VACANT – INTERNSHIP

2019 BUDGET – HOW WILL YOU BE IMPACTED?

WARNING ABOUT ATO SCAMS

ARE YOU OVER 65 YEARS OF AGE AND CONSIDERING SELLING YOUR HOME?

INSTANT ASSET WRITEOFF INCREASED TO $25,000

ARE YOU SINGLE TOUCH PAYROLL READY?

DO YOU OWN A COMMERCIAL INVESTMENT PROPERTY?

REMINDER – BUSINESS ACTIVITY STATEMENTS

REMINDER – JANUARY ACTIVITY STATEMENTS

Presentation by Langley McKimmie Chartered Accountants

TRACK YOUR EXPENSES USING THE ATO MYDEDUCTIONS APP

2018

ARE YOU A FOREIGN RESIDENT FOR TAXATION PURPOSES AND OWN A PROPERTY IN AUSTRALIA?

RECEPTIONIST/OFFICE ADMINISTRATOR POSITION – FULL TIME

ASK THE EXPERTS

IMMEDIATE DEDUCTION FOR FENCING OR FODDER STORAGE ASSETS

WHO IS MY BOOKS & PAYROLL?

ASK THE EXPERTS

TRACK YOUR EXPENSES USING THE ATO MYDEDUCTIONS APP

EMPLOYEE SOCIAL EVENTS – HOW TO TREAT THEM?

REMINDER – BUSINESS ACTIVITY STATEMENTS

LOOKING FOR THE PERFECT JOB TO PROGRESS YOUR CAREER?

REMINDER – QUARTERLY SUPERANNUATION PAYMENTS

BUYING, SELLING, DEVELOPING PROPERTY?

REMINDER – AUGUST ACTIVITY STATEMENTS

BENEFITS OF ONLINE ACCOUNTING SOFTWARE

WHY AM I MAKING A PROFIT BUT HAVE NO CASH?

ARE YOU LOOKING TO RETIRE BEFORE THE AGE OF 60?

REMINDER – JULY ACTIVITY STATEMENTS

REMINDER – BUSINESS ACTIVITY STATEMENTS

WATCH OUT FOR SCAMS

ARE YOU AFFECTED BY THE CHANGE TO RENTAL DEDUCTIONS?

THINGS TO DO NOW – BUSINESS OWNERS!

Internship – Accountant

TIME TO SET SOME BUSINESS GOALS

Celebrating the End of the Financial Year

THE ATO IS DATA MATCHING WITH VICROADS

BE AWARE OF ILLEGAL PHOENIX ACTIVITY

END OF FINANCIAL YEAR TAX PLANNING

SUPER GUARANTEE AMNESTY

ARE YOU A YOUNG FARMER LOOKING TO PURCHASE YOUR FIRST FARM IN VICTORIA?

OVERSEAS ONLINE SHOPPER? YOU’LL SOON PAY GST!

2018 FEDERAL BUDGET

REMINDER – BUSINESS ACTIVITY STATEMENTS

UNCLAIMED SUPERANNUATION

SELLING AN INVESTMENT PROPERTY? CHECK YOUR COST BASE!

ARE YOU SINGLE TOUCH PAYROLL READY?

PROVIDING BENEFITS TO YOUR EMPLOYEES?

CHANGES TO CGT MAIN RESIDENCE EXEMPTION RULES

ATO EXTENDS 2017 LODGEMENT DEADLINE FOR SMSF’s

CHANGES TO THE ATO SUPERANNUATION CLEARING HOUSE

EMPLOYING STAFF FOR THE FIRST TIME?

GST CHANGES FOR PROPERTY DEVELOPERS ON 1 JULY 2018

EARNING ADDITIONAL INCOME IN THE “SHARING ECONOMY”

2017

INVITE SANTA NOT THE TAX MAN TO YOUR CHRISTMAS PARTY

DO NOT BE A DUMMY WITH YOUR DEDUCTIONS

ARE YOU AWARE OF THE NEW VACANT RESIDENTIAL LAND TAX?

ARE YOU UNSURE OF THE AGED PENSION ASSET TEST LIMITS OR ELIGIBILITY?

HAS YOUR TAX FILE NUMBER BEEN STOLEN OR MISUSED?

ARE YOU READY FOR SINGLE TOUCH PAYROLL?

DO YOU PAY YOUR EMPLOYEE SUPERANNUATION GUARANTEE ON TIME?

DO YOU HAVE A DEBT WITH THE DEPARTMENT OF HUMAN SERVICES (CENTRELINK)?

XERO ADD ON APPLICATIONS

DO YOU SALARY SACRIFICE INTO SUPERANNUATION?

SIMPLER BAS

LOW INCOME EARNERS MAY NEED TO LODGE A TAX RETURN

DO YOU KNOW THE ATO INTEREST RATE?

ARE YOUR EMPLOYEE SUPERANNUATION PAYMENTS UP TO DATE?

PROTECT YOUR PERSONAL INFORMATION

EMPLOYEES ON WORKING HOLIDAY VISAS

DID YOU KNOW THERE ARE CHANGES TO STUDENT LOAN REPAYMENT RULES?

STARTING UP A BUSINESS?

SMALL BUSINESS VICTORIA ASSISTANCE

ONLINE ACCOUNTING & BOOKKEEPING SOLUTIONS

DO YOU OPERATE IN THE BUILDING AND CONSTRUCTION INDUSTRY? HAVE YOU LODGED YOUR TAXABLE ANNUAL PAYMENTS REPORT?

MAINTAINING LIVESTOCK AND RAINFALL RECORDS

END OF FINANCIAL YEAR IS NEARLY HERE!

BEWARE OF PHOENIX ACTIVITY

DID YOU KNOW THE AUSTRALIAN TAXATION OFFICE (ATO) HAS A USEFUL MOBILE APPLICATION?

2017 YEAR END TAX TIPS

ACCOUNT BASED PENSIONS – ENSURE THE MINIMUM PAYMENT REQUIREMENT IS MET

SMALL BUSINESS – INSTANT ASSET WRITEOFF

THE VICTORIAN STATE BUDGET

TAX DEADLINES ARE APPROACHING

DEFINED BENEFIT PENSIONS & $1.6M SUPERANNUATION TRANSFER BALANCE CAP

DOES THE $1.6 MILLION SUPER PENSION CAP AFFECT YOU?

TAX DEBTS WITH THE AUSTRALIAN TAXATION OFFICE

FIRST HOME BUYERS GRANT FOR REGIONAL VICTORIA INCREASING

SEVEN WAYS A DEDUCTION WILL NOT WORK

ARE YOU AWARE OF YOUR FRINGE BENEFITS TAX OBLIGATIONS?

STARTING YOUR OWN BUSINESS?

WATCH OUT FOR SCAMS

BENEFITS OF ONLINE ACCOUNTING SOFTWARE

ARE YOU AWARE OF THE NEW SMALL BUSINESS REPORTING CHANGES?

SMALL BUSINESS EMPLOYERS

ARE YOU WORKING FROM HOME AND WANTING TO CLAIM A TAX DEDUCTION FOR CERTAIN EXPENSES?

WORKING HOLIDAY MAKER EMPLOYERS

ARE YOUR WORKERS EMPLOYEES OR CONTRACTORS

ISSUES FOR DEPARTING TAXPAYERS

2016

INVITE SANTA NOT THE TAX MAN TO YOUR CHRISTMAS PARTY

TAX OBLIGATIONS OF OPERATING AN UBER SERVICE

CHRISTMAS GREETINGS

GST REGISTRATION

HEADING OVERSEAS WITH A HELP (OR TSL) DEBT?

HOLIDAY HOME RENTAL: DON’T GET BURNT THIS SUMMER

AN EMPLOYEE MAY BE ABLE TO CLAIM TRANSPORT OF BULKY TOOLS AND EQUIPMENT

SMALL BUSINESS TAX CONCESSIONS

SUPPORTING LOCAL STUDENTS AND THEIR COMMUNITIES

OCCUPATION SPECIFIC DEDUCTIONS

RAIN, RAIN, RAIN – NEW DAMS AND WATER FACILITIES

NEW TAX TABLES

HOBBY INCOME – NON ASSESSABLE INCOME

VOLUNTARY HELP REPAYMENTS

RAINING, RAINING, RAINING! Maintaining livestock and rainfall records

SMSF’s AND RELATED PARTY LENDING

SUBDIVIDING LAND? YOU MAY HAVE TO PAY GST

FUEL TAX CREDITS – ARE YOU MISSING OUT?

BENEFITS OF LODGING YOUR INCOME TAX RETURN WITH A REGISTERED TAX AGENT

IS MY TRIP DEDUCTIBLE?

REAL ESTATE TRUST ACCOUNTS

KEY TOPICS FOR SMALL BUSINESS

IN THE CONSTRUCTION INDUSTRY?

NOT FOR PROFIT ENTITIES – WHO NEEDS AN AUDIT?

SUPERSTREAM DEADLINE FOR SMALL BUSINESS

DID YOU KNOW THAT LANGLEY MCKIMMIE ARE CERTIFIED AS A XERO PARTNER FIRM

DID YOU KNOW THAT LANGLEY MCKIMMIE ARE CERTIFIED AS A XERO PARTNER FIRM

THINKING OF SELLING YOUR BUSINESS?

DID YOU START A SMALL BUSINESS IN 2016?

DON’T MISS OUT ON YOUR SUPER DEDUCTION!

PRIMARY PRODUCTION LIVESTOCK ACCOUNTING

WHY SHOULD I LODGE MY TAX RETURN ON TIME?

VICTORIAN STATE BUDGET 2016-2017

MAIN RESIDENCE EXEMPTION PART 2 – ADJACENT LAND

HOW DOES THE 2016-2017 FEDERAL BUDGET AFFECT YOU?

FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING

ARE YOU MAXIMISING YOUR RENTAL DEDUCTIONS?

HECS, HELP AND TSL REPAYMENTS

MAIN RESIDENCE EXEMPTION – PART 1 LARGE PROPERTIES

Have you recorded your motor vehicle closing odometer reading TODAY?

MINIMUM PENSION LEVELS

PAYING EMPLOYEE SUPERANNUATION GUARANTEE ON TIME

TAX BASICS FOR SMALL BUSINESS – ATO WEBINAR SERIES

ARE YOU AWARE OF YOUR FRINGE BENEFIT TAX OBLIGATIONS?

IS YOUR DOG TAX DEDUCTIBLE?

ATO BENCHMARKS

WHAT IS A CERTAINTY LETTER?

DECEASED ESTATES

TRUSTEES OF SELF MANAGED SUPERANNUATION FUNDS NEED TO BE READY FOR THE NEW RULES REGARDING COLLECTIBLES FROM 1 JULY 2016

REDUNDANCY PAYMENTS

AFFECTED BY A NATURAL DISASTER?

THINKING ABOUT SELLING YOUR INVESTMENT PROPERTY?

HOBBY OR BUSINESS?

WHAT ARE PAY AS YOU GO (PAYG) TAX INSTALMENTS?

2015

REPLACING A DECEASED TRUSTEE OF A SELF MANAGED SUPERNNUATION FUND

myDeductions Tool

MOTOR VEHICLE DEDUCTIONS FOR INDIVIDUALS

SEASON’S GREETINGS

CHRISTMAS PARTIES & PRESENTS : WHAT ARE THE TAX IMPLICATIONS?

DO YOU NEED TO REGISTER FOR GST?

DO YOU KNOW YOUR SUPERANNUATION OBLIGATIONS?

IS YOUR DONATION TAX DEDUCTIBLE?

STARTING A NEW BUSINESS

BE WARNED OF THE LATEST TAX SCAM

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

Claiming losses against your income

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

QUESTIONS TO ASK YOUR ACCOUNT – 10 WEEK SERIES

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

Early Access to Superannuation

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

QUESTIONS TO ASK YOUR ACCOUNTANT – 10 WEEK SERIES

Why am I making profit but have no cash?

Investment Property Taxation

Life Interests – Testamentary Trusts

The Budget and Small Business

Maximising your Superannuation contributions

Work from home?

Are you an Investor or Share Trader?

Not for Profit – Should you be getting an Audit?

Considering Divorce? Consider this…

Are you looking to retire before the age of 60?

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LANGLEY | MCKIMMIE

17 Nicholson Street
Woodend Vic 3442
E-mail: info@lmck.com.au
Phone: (03) 5427 8100

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Providing accounting and superannuation services to clients in greater Melbourne, Macedon Ranges, Mount Macedon, Gisborne, Woodend and surrounding areas.

The Trustee for Marwood Unit Trust T/A Langley McKimmie (ABN 50 673 209 917) is a Corporate Authorised Representative Number 1244425 of the SMSF Advisers Network Pty Ltd ABN 64 155 907 681 AFSL 430062 www.san.com.au

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