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FBT’s hot issues targeted by the ATO

Posted by Team AVS on 29 May, 2019  0 Comments

If you are an employer, you may appreciate knowing what the ATO is looking out for, and the fringe benefits you’re expected to report, so you can avoid attracting its attention or making costly mistakes. In this year’s updated ATO list for taxpayers, titled “What attracts our attention”, there are six items that specifically relate to fringe benefits tax (FBT).

These items are:

failing to report motor vehicle fringe benefits, incor

Alternatives to a tax invoice for certain GST credit claims

Posted by Team AVS on 22 May, 2019  0 Comments

Tax invoices are an essential element of Australia’s taxation system and serve both to collect tax revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.

A business registered for GST will generally be required to hold a tax invoice for any transaction in order for an input tax credit to be claimed. The tax invoice can usually only be issued by the entity that

The budget’s boost to instant asset write-off is now law

Posted by Team AVS on 14 May, 2019  0 Comments

Federal Budget night announced an increase in the instant asset threshold, and also an extension of which businesses could access the measure. Now the Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019 has achieved Royal Assent.

The instant asset write-off threshold increased from $25,000 to $30,000 from Budget night to 30 June 2020.

The threshold applies on a per asset basis. As a result, eligible busi

Scammers impersonate ATO phone numbers

Posted by Team AVS on 8 May, 2019  0 Comments

The Australian Taxation Office (ATO) is warning about the continuation of unprecedented numbers of pre-recorded phone calls experienced last year which impersonate legitimate tax office phone numbers.

Assistant Commissioner Gavin Siebert said that scammers have adopted ‘Robocall’ technology to target taxpayers across the country. “Scammers are sending pre-recorded messages in record numbers and are manipulating caller identification so t

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