News & Views

COVID-19 and Fringe Benefits Tax

As a result of COVID-19 and changed working conditions, employers may be providing benefits to employees that are not usually provided in a ‘normal’ year. Fringe benefits tax (FBT) may be applicable if you provide benefits in addition to salary and wages. There are exemptions and concessions available that can reduce (or eliminate) the amount of FBT you pay that are outlined in this article.

Issues company directors should be aware of during COVID-19 and beyond

The last few months have had far reaching implications for many businesses across Australia. Whilst some businesses are starting to show signs of recovery, there are a few ‘ticking’ timebombs you need to be aware of as a company director.

Directors may be personally liable for certain actions by the company including situations of insolvent trading and failure to meet employee (PAYG and superannuation guarantee), or GST obligations (in certain scenarios). The Government has provided some relief for directors in relation to insolvent trading due to the impact of COVID-19, but it is important to look out for issues not necessarily covered by the relief.

LIVE STREAMING AND THE TAX CONSEQUENCES

Live streaming is an increasingly popular activity and these days there are big bucks involved. But what are the tax consequences?
 
A person who is broadcasting their online activity in real time is ‘live streaming’. This form of entertainment has developed into a massive industry for video gamers and other creatives, with recent COVID-19 ‘stay at home’ restrictions leading to a surge in viewership and the number of people streaming online.
 

JobKeeper 1.0: Changes you need to be aware of

The Federal Government recently announced the expansion for the eligibility of the current JobKeeper Scheme.
 
As part of the changes announced, the Federal Government introduced changes for employees eligible for the JobKeeper Scheme from 3 August 2020. On Friday 14 August, the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 7) 2020 (the Rules) were registered which commence from 15 August 2020. 

Revenue vs Capital: two sides of the coin

The ongoing debate of capital vs revenue was recently raised in a Full Federal Court case - Greig v FCT [2020] FCAFC 25. The case highlights the continuing difficulty in the capital vs revenue distinction. This area of law falls within a grey zone where the outcome turns on the facts of each situation.
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