FRINGE BENEFITS TAX – AUSTRALIA

Dutton in U-turn on EV tax break

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Original article by Jack Quail, Greg Brown
The Australian – Page: 5 : 24-Apr-25

Opposition leader Peter Dutton issued a statement on Wednesday in which he committed to scrapping the fringe benefits tax exemption for people who buy electric vehicles. Dutton stated that abolishing the "badly designed" electric car subsidies will generate up to $3bn worth of savings over the forward estimates period and $23bn over the medium-term. However, Dutton had explicity ruled out abolishing the tax break on Monday. A Coalition source has suggested that Dutton might have misheard the question about the tax break on Monday. Dutton had previously backflipped regarding the Coalition’s policy of requiring federal public servants to return to working in the office full-time.

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LIBERAL PARTY OF AUSTRALIA

‘Too good to be true’: ATO warns on parking perks

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Original article by Tom McIlroy
The Australian Financial Review – Page: 12 : 7-Feb-20

The Australian Taxation Office has previously issued changes to fringe benefits tax rules for staff car parks, with the new ruling due to come into effect as from 1 April 2020. The new ruling will impact on suburban employers, with the rule changes resulting from legal rulings involving Qantas and Virgin and their employees. Commenting on the latest update to the ATO’s new rules, which related to the valuation of staff car parks, EY employment tax partner Paul Ellis said it was important that employers use reputable valuers.

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AUSTRALIAN TAXATION OFFICE, QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, ERNST AND YOUNG

Have yourself a tax deductible Christmas party

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Original article by John Corias
BRW – Page: Online : 12-Nov-14

Small business owners are advised to minimise their entertainment expenses by using all available tax deductions. This matter is particularly important when budgeting for work Christmas parties. Under the minor benefit rule, an expense of no more than $A300 is not subject to the fringe benefit tax. Businesses can also ask employees to make personal contributions toward party expenses

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