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FBT and commercial vehicles

FBT and commercial vehicles

2 July 2012

A common question, particularly from farming and tradesmen clients, at the start of the Fringe Benefits Tax (FBT) year is whether a work vehicle provided to an employee is FBT free, and if there is a difference between providing a car or a commercial vehicle (such as a dual-cab utility). 

The answer is somewhat complicated – but we’ll attempt to provide some clarity to assist you. 

CARS

Generally, if you provide a car to an employee (or their associate) and the car is either applied or deemed to be available for private use, a car fringe benefit will arise and therefore is subject to FBT. 

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Payroll tax rebate scheme

23 May 2012

Employers may be eligible to receive a $4,000 payroll tax rebate under the NSW Government’s Jobs Action Plan. The scheme aims to support 100,000 new jobs in NSW with 40% of these jobs earmarked for regional areas. New State Premier, Barry O'Farrell, has indicated his Government's continued commitment to this program.

Employers in both regional and metropolitan areas may be eligible for the rebate for each additional full-time employee who commences employment between 1 July 2011 and 30 June 2013, with pro-rata provisions for part-time employees. The rebate applies to the first 100,000 jobs 
created on or after 1 July 2011. 

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R&D Tax incentive program

17 April 2012

The Government's R&D Tax Incentive program gives rise to new opportunities for companies to make potential cash savings of 15 cents in each dollar to support research and development (R&D) activities. 

The program which applies for income years beginning on or after 1 July 2011 reaffirms the Government’s commitment to encouraging industry investment in research and development (R&D) by providing a targeted tax offset. 

Boyce Director, Kathy Kelly is a member of the R&D Tax Incentive Advisory Committee which is charged with monitoring the performance of the program and providing advice to Government on its implementation and operation. 

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NSW Land Tax 2012

NSW Land Tax 2012

1 January 2012

If you own any property in NSW that is not your principal place of residence as at midnight on 31 December 2011, including a holiday house or unit, you may be liable to pay land tax. 

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Making the most of your rental property

1 November 2011

With more and more people choosing to invest in residential property, understanding the obligations and entitlements of receiving rental income is very important to ensure that you get the best return from your investment. 

The Australian Taxation Office (ATO) has recently released the 2011 Guide for Rental Property Owners and also held a series of seminars to discuss with tax practitioners the various issues relating to the taxation of rental properties. 

Below we look at some of the less well known deductions and entitlements in relation to residential rental properties. 

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