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Fringe benefits tax (FBT) time is here

Posted by Team AVS on 29 Apr, 2024  0 Comments

If you're an employer offering staff perks, get ready to lodge your FBT return and pay the FBT you owe.

From 1 April, it's a new fringe benefits tax (FBT) year.

If you're an employer and have provided certain benefits to your staff in addition to their salary and wages, it's important to understand how FBT works and what is considered a fringe benefit.

Perks that could attract FBT include providing employees with a work car (including

Taskforce action on false invoicing arrangements

Posted by Team AVS on 17 Apr, 2024  0 Comments

The Serious Financial Crime Taskforce is targeting false invoicing and other illegal financial arrangements.

Businesses involved in illegal false invoicing arrangements

The Serious Financial Crime Taskforce (SFCT) is warning businesses about using illegal financial arrangements such as false invoicing to cheat the tax and super system.

What is false invoicing?

False invoicing arrangements involve issuing invoices where no goods or s

New EV home charging rate

Posted by Team AVS on 11 Apr, 2024  0 Comments

Some users of electric vehicles (EVs) are faced with the challenge of calculating electricity costs incurred when charging their electric vehicles at home. This applies to employers providing EVs to staff for personal use, or employees who incur work-related car expenses.

To address this, the ATO have issued a new guideline to help calculate the cost of electricity when an EV is charged at home.

The guideline provides a shortcut method to d

Tax schemes

Posted by Team AVS on 4 Apr, 2024  0 Comments

What tax schemes are

You have the right to arrange your financial affairs to keep your tax to a minimum. This is often referred to as tax planning or tax-effective investing. Tax planning is legitimate when you do it within the intent of the law. However, tax schemes that are outside the spirit of the law may attract our attention.

Unlawful tax schemes

An unlawful tax scheme involves the deliberate exploitation of our tax and superannuat

Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.