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To help you meet your fringe benefits obligations, we’ve put together a list of essentials every employer needs to know about FBT and review every year ..read more

The Palaszczuk Government’s 2019-20 State Budget has been tabled and BDO’s* Tax team has delved into the detail of the Budget Papers and dug out the key things you need to know ..read more

Even though Fringe Benefits Tax (FBT) is designed to capture benefits enjoyed by an employee, it is levied on the employer. Unless your employment agreement allows for any FBT that becomes payable to be recouped from the employee, the employer will have no recourse for reimbursement. So, why should an employer lodge an FBT return where no FBT is payable? Well, for the simple reason that it turns on a three-year deadline for the ATO to commence audit activities. Without an FBT return being lodged, the ATO has the discretion to launch an audit into activities as far back as a business has had em ..read more

IAS 1 Presentation of Financial Statements requires entities that prepare a classified statement of financial position to present liabilities as either current or non-current. IAS 1, paragraph 69 requires a liability to be classified as current if any one of the following criteria are met: It expects to settle the liability in its normal operating cycle It holds the liability primarily for the purpose of trading The liability is due to be settled within twelve months after the reporting period, or It does not have an unconditional right to defer settlement of the liability for at least twelve ..read more

As the Christmas season approaches, so too do the festive celebrations with your colleagues. To avoid any dampeners on your Christmas cheer, it’s important to plan and consider the Fringe Benefit Tax (FBT) implications of providing Christmas parties and g ..read more

If you currently complete Special Purpose Financial Statements (SPFS), you might need to consider moving to GPFS. By 30 June 2022, many Australian organisations need to shift from SPFS to GPFS. While the mandatory compliance date is the end of the 2022 financial year, there are incentives for organisations to transition early, by way of ‘transitional relief’. Therefore, the 2021 financial year is the last year for organisations to benefit from these shortcuts. The road to a successful GPFS transition is neither straight nor uncluttered. Successful navigation requires you to make deliberate, in ..read more

The ATO has released Draft Practical Compliance Guideline (Draft PCG) which explains the compliance approach that the ATO intends to apply when considering the allocation of profits by professional firms, and the inclusion of income in the assessable income of individual professional practitioners (IPP). These guidelines apply to IPPs in professional practices including accountants, lawyers, engineers, doctors and architects etc. The ATO also intends for these guidelines to be applied by IPPs to self-assess their risk. The draft PCG replaces the ATO’s Assessing the Risk: Allocation of profits ..read more