bpadmin, Author at Bramelle Partners

Get ready for FBT time

The end of March signals the approach of FBT time. Employers that have not previously provided employees with fringe benefits need to be aware this year that any COVID-19 related items provided may be subject to FBT, including rapid antigen tests and protective equipment. However, depending on the employer and employee’s circumstances, some of these items may be subject to exemptions. For the 2021-22 FBT year, 23 May 2022 is the deadline for employers to lodge returns and pay any associated liabilities.

2022 Federal Budget: People-Pleaser or Missed Opportunity?

With the upcoming federal election in May, Treasurer Josh Frydenberg has handed down what the Government considers to be a safe, ballot box friendly Budget. Labor is likely to start over if elected, meaning it is uncertain how many of these measures will ultimately come to fruition. However, we wanted to share the main initiatives with you in some detail.

Some aspects can be unclear or confusing – please don’t hesitate to contact us if we can answer any questions about items possibly affecting your business or personal finances.

ATO’s changes to family trusts: no more using children to avoid taxes

The ATO has just released 4 tax rulings that will stop commonly used trust distributions to family members. It’s one of the most significant developments for the taxation of trusts in over two decades. As a result of these new ATO rulings, options to spread your trust income across your family members may be vastly limited; and family group overall tax payable will probably increase.

Temporary full expensing of assets extended

Businesses will have another year to utilise the temporary full expensing of depreciating assets measure after it was extended to end on 30 June 2023. The measure was originally introduced to encourage business investment in the backdrop of the COVID-19 pandemic and allowed eligible businesses to deduct the full cost of eligible depreciating assets of any value. Building and other capital works, as well as software development pools do not generally qualify for full expensing. Neither do second-hand goods for certain entities. Special rules also apply to cars.