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March 2021

Covid-19 and the implications on Fringe benefits Tax

The COVID-19 Pandemic continues to have a significant impact on many businesses around the World. In Australia, the unprecedented crisis is forcing employers to reconsider the benefits provided to staff and the resulting Fringe Benefits Tax (FBT) implications.

Peregrine Gold debuts on the ASX

Moore Australia congratulates Peregrine Gold Limited, for listing on the ASX earlier today.   “A huge congratulations to Peregrine Gold for making its debut on the ASX – an excellent milestone and pleasing result, following an oversubscribed Initial Public Offering,” says Moore Australia (WA) Managing Partner, David Tomasi.   “It was great to see Peregrine Gold Limited close at $0.245 - comfortably above its IPO price of $0.20,” says Moore Australia (WA) Corporate Finance Director, Peter Gray.

Moore Australia client debuts on the ASX with $10m IPO

Moore Australia congratulates client Kincora Copper, for its successful listing on the Australian Stock Exchange (ASX) today.“We are delighted to see Kincora Copper, which is already listed on Canada’s TSX Venture Exchange, dual list on ASX this morning with a $10 million Initial Public Offering (IPO),” says Moore Australia (WA) Managing Partner, David Tomasi.  

2021 Fringe Benefits Tax Update

Whilst some aspects of life transition to a new “COVID-normal”, the Australian Taxation Office (ATO) continues to highlight its understanding of how COVID-19 is impacting business, and communicate some of the changes and administrative concessions relevant to employers for the Fringe Benefits Tax (FBT) year ending 31 March 2021 and beyond.  

Property and Taxes - interest deduction is not always obvious

Interest paid is usually the largest tax deduction against rental property income, and in a lot of cases creates an overall loss, which may lead to an overall reduction in income tax payable. Taking out a loan to buy an investment property and claiming the interest charged as a tax deduction seems to be a simple proposition, however, as with anything in relation to tax, there are some complications. It is crucial to be aware of a few rules, especially when the expectation of tax deduction creating tax savings is one of the main deciding factors in purchasing an investment property.  

NSW Flood support

In response to the heavy rain and significant flooding that occurred in NSW in March 2021, there are a number of financial support programs available to businesses and individuals potentially affected by heavy rain and flooding.

New simplified disclosure standard for For-Profit and Not-for-Profit Tier 2 entities

Recent changes to Australian Accounting Standards will mean that many for-profit entities will need to prepare General Purpose Financial Statements (GPFS) for the first time, and are no longer able to prepare Special Purpose Financial Statements (SPFS). The changes have been introduced as part of AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities. These changes aim to clarify and improve financial reporting requirements, which should also support improvements in audit quality.

Fringe Benefits Tax changes - what to look out for

When it comes to Fringe Benefit Tax, not a lot has changed in recent years. However, from 1 April 2021, a few additional concessions and exemptions have been afforded to taxpayers.

New SME Recovery Loan Scheme

On 11 March 2021, the Government announced a new SME Recovery Loan Scheme which will assist eligible businesses to access finance to maintain and grow their businesses when JobKeeper concludes at the end of March 2021.The Scheme builds on the framework established in the two phases of the Coronavirus SME Guarantee Scheme, and is specifically targeted at SMEs currently receiving JobKeeper (i.e. the scheme is only open to certain recipients of the JobKeeper payment between 4 January 2021 and 28 March 2021).

Motor vehicles and logbook requirements

In most cases, having a valid car logbook is beneficial for both: claiming a personal tax return deduction for work related travel cost using your own car and calculating the taxable value of a car fringe benefit, when the car is provided by an employer. Record keeping requirements in this area are strict, therefore, we believe it is a good opportunity for us to detail or remind you of your record keeping requirements under this method.

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