Tax time tips
With tax time just around the corner, it’s time to
make sure you’re getting the best return for your
organization and for your own personal needs.
WORDS BY DANIEL BRAID
Know The Rules of FBT
Keep up to date with any
changes by looking regularly at
the ATO website. FBT is paid
by employers on certain benefits
they provide to their employees
or their employees’ family or other
associates. FBT applies even if the
benefit is provided by a third party
under an arrangement with the
employer. FBT is separate to income
tax and is calculated on the taxable
value of the fringe benefit. The
employer must self-assess their FBT
liability for the FBT year (that is, 1
April to 31 March) and lodge an FBT
return.
Work Related Tax
Deductions due to COVID-19
The ATO has devised a new method
for work-related tax deductions in
light of more people working from
home due to coronavirus. The new
method will allow people to claim 80
cents per hour for all their running
expenses, rather than needing to
calculate costs for specific running
expenses. The new change is in
effect from March 1 to June 30 and
may be extended by the ATO should
the COVID-19 situation progress
significantly. Click here for more
information.
16 ISSUE 23 2020 / WWW.AFMA.ORG.AU