Virgin will halve FBT on car parking and will receive almost $900,000 in overpaid FBT which opens similar refund opportunities to others
The ATO requested Salary Packaging providers in April 2021 to disclose data on all their clients Novated Leases which is causing concern.
The State Revenue Authorities are renewing their focus on taxpayers compliance with the contractor provisions, particularly those operating under the tenancy/agency model as was seen in the Optical Superstore Pty Ltd case in Victoria.
Some of the FBT valuation methodologies that were once hailed as producing the lowest taxable value will in fact be costing the business significantly more. Businesses must act quickly to change their methods so as to reap the greatest tax savings.
An unprecedented number of large & high profile businesses were caught out in 2019 for underpaying staff, and we’re not just talking about the hospitality industry.
We’ve provided a succinct summary of the 2020 audit focus area’s across the various indirect taxes and jurisdictions that your organisation should be aware of.
The ATO is continuing to focus on the tax governance processes of large businesses during audits and the reason is simple; its actively considering taxpayers ability to comply in future, not only the past.