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On the road: How to treat work-related travel and living away from home costs

Posted by Team AVS on 23 Dec, 2021  0 Comments

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work.

Certain conditions need to be met to ensure an allowance can be considered a travel allowance:

None of the individual absences from the employee’s usual place of residence exceed 21 days.
The employee is not present in the same work location for 90 or more d

Christmas and the Taxman

Posted by Team AVS on 13 Dec, 2021  0 Comments

When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt?

Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas parties and gifts can attract the attention of the Taxman.

In certain circumstances, an employer can hold a Christmas party for staff and the cost of the party be exempt from Fringe Benefits Tax (FBT).

Home as a place of business during COVID: CGT implications

Posted by Team AVS on 4 Dec, 2021  0 Comments

The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home. These expenses include electricity, phone service, cleaning, decline in the value of equipment, furniture and furnishing repairs, and so on. To make things easier, the ATO even provided several “short-cut

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