FBT Tips and Tricks. Disclaimer. What We Will Cover Today. Prepared & Presented by nsatax Limited
|
|
- Oswald McCarthy
- 8 years ago
- Views:
Transcription
1 FBT Tips and Tricks Prepared & Presented by nsatax Limited Disclaimer This seminar is of a general nature only. Please obtain specific advice on client situations as minor changes in facts can cause significantly different answers. This seminar also does not cover all recent changes or all aspects and law relevant to the entities covered. What We Will Cover Today Overview of FBT what is a fringe benefit and what categories are there? Overview of FBT exemptions Q & A style examples for common FBT areas such as Motor vehicles Benefits provided on premises Other benefits, including those outside FBT rules 1
2 FBT Overview What is a Fringe Benefit? Means a benefit provided by an employer to an employee in connection with employment that is a benefit of a type described in the FBT rules Not necessary for an employment relationship to exist at the time the employee receives the benefit Can apply to past, present and future employees What is a Fringe Benefit? FBT rules only apply to non-cash benefits Cash benefits are monetary remuneration and dealt with under the PAYE rules Free accommodation or board & lodgings specifically included in monetary remuneration definition even though non-cash 2
3 Who is an Employee? Employee = a person who receives or is entitled to receive a PAYE income payment Includes persons who receive salary and wages subject to PAYE, nondeduction shareholder salaries and schedular / withholding payments (company directors) Who is an Employee? Employee does not include persons whose only PAYE income payments are from: ACC earnings related compensation Payments to working partners Payments to working owners Income tested benefits Student allowances Parental leave payments Payments to non-resident contractors Categories of Fringe Benefits 3
4 Categories of Fringe Benefits Private use of motor vehicle Employment related loans Subsidised transport Contributions to super schemes Contributions to sick, accident or death benefit funds or funeral trusts Contributions to life or health insurance Unclassified benefits Motor Vehicles Focus on availability of vehicle for private use not on actual use Can have fringe benefit if vehicle available even if not actually used Motor vehicle does not include vehicle with gross laden weight > 3,500 kg Private use includes travel from home to work & any other travel that confers a private benefit on the employee Home as a Workplace Normally travel between home and work = fringe benefit But if home is a place of work, then arguably no benefit as travel between 2 places of work May be contentious given IRD s published view (see TIB Vol 16, No 10, November 2004) 4
5 Employment Related Loans Fringe benefit where loan to employee at less than FBT prescribed rate of interest; currently 6.13% Excludes employee share loans i.e. loan to enable employee to buy shares in company employer Excludes salary advances where loan < $2,000 and employment contract does not require employer to make advance Superannuation Contributions Excludes contributions to super funds i.e. NZ registered superannuation schemes; these are subject to ESCT (formerly SSCWT) under PAYE rules Excludes Kiwisaver contributions Effectively only applies to contributions to foreign super schemes Unclassified Benefits Includes all other non-cash benefits received by an employee in connection with employment not already specified or excluded Shareholder employees can elect to treat these benefits as dividends by making election on the FBT return Includes free or discounted goods and services 5
6 Unclassified Benefits Fringe benefit if goods provided to employee at less than cost to employer Cost is GST inclusive If employer manufactures, produces or processes goods, cost is the lowest price the goods are sold by the employer to other customers Exception for goods retailing at < $300 provided staff discount not > 5% Exemptions & Exclusions Charitable Organisations Charitable organisations exempt from FBT on benefits provided to employees unless employee involved in a business activity carried on by the charity which is outside its charitable activities (section CX 25) Applies to approved donees and listed charities 6
7 Short Term Charge Facilities Excludes short term charge facilities. Prior to 1 April 2014, where value of benefit more than 5% of employees salary or wages, no FBT exclusion From 1 April 2014, excludes short term charge facilities where value of benefit is more than the lesser of: 5% of salary or wages; and $1,200 Short Term Charge Facilities Short Term Charge Facility means an arrangement that enables an employee to obtain goods or services that have no connection with the employer or its operations by: Buying or hiring goods Charging the cost to an account From 1 April 2014 will also include providing consideration other than money for the goods or services, e.g. vouchers Charitable Organisations Charities should look to structure remuneration packages to take advantage of this exemption E.g. salary sacrifice in favour of noncash benefits Important to correctly classify benefits as non-cash benefits not monetary remuneration 7
8 On Premises Exemption Benefits other than free, discounted, or subsidised travel, accommodation, or clothing provided on the employers premises exempt from FBT Applies to staff meals, staff cafeterias, creches, flu vaccinations & carparks if part of employer s premises IRD rulings on carparks distinguish between leases and licences On Premises Exemption Lease generally confers an exclusive right to occupy the property Licence is a non-exclusive right to occupy For carparks to form part of employer s premises, likely to require exclusive right to occupy designated carparks (section CX 23) Free, Subsidised or Discounted Goods & Services General exemption of $300 per employee per quarter or $1,200 p.a. if annual filer If exemption exceeded, FBT applies to full benefit i.e. exemption not deducted Maximum $22,500 for all employees p.a. If quarterly filer & exemption exceeded in 4 th quarter, FBT only payable for that quarter (section RD 45) 8
9 Health & Safety No FBT on benefits arising from undertaking hazard management initiatives e.g. provision of protective clothing or health checks and flu vaccinations (if off premises) Does not extend to items such as gym subscriptions or employer-paid health insurance premiums (section CX 24) Business Tools No FBT where employee can enjoy private use of business tools such as laptops, phones etc provided mainly used for business and cost less than $5,000 including GST (section CX 21) Benefits Provided Instead of Allowances No FBT on benefits which remove the need that would otherwise exist for the employer to pay the employee an allowance which would be exempt income (section CX 19) Examples include taxi chits or petrol vouchers to cover business related travel 9
10 Other Exemptions Assistance with preparation of income tax returns where costs would otherwise be deductible to the employee (section CX 27) Contributions to income protection insurance where payment of the insurance to the employee would be income of the employee (section CX 26B) Distinctive work clothing (section CX 30) Practical Examples Questions & s Motor Vehicles 10
11 ABC Ltd Bob is the Director of ABC Ltd, an office supply company. Bob has a dedicated home office and boardroom at his home. He works from home 2 days per week and regularly holds meetings and sees clients from his home office. ABC Ltd has provided Bob with a company car. The vehicle is generally only used for travel between Bob s home office and work and for other work duties on Monday to Friday, but is used privately on Saturday and Sunday. Questions Bob wants to know whether there is an FBT liability, and if so, what his options are to minimise the cost What do you advise him? Currently FBT payable on taxable value for 7/7 days per week No restriction on private use Mon to Fri and actually used privately Sat/Sun Options to minimise restrict private use Mon to Fri and pay FBT on Sat/Sun only 11
12 Ensure: Restriction letter in place No actual private use Mon to Fri. Keep a log book for 3 months to prove this Evidence kept by ABC Ltd of checks on compliance with restriction (IRD will ask the question) Address home office issue (next slide) with client Availability of second vehicle important Home Office Issue Travel between home and work vs. 2 places of work The work is not required to be performed at home due to its nature. Does not fit within IRD statement However, a bona fide place of business, a significant amount of work performed at home. Fits within case law nsatax view: Position is defendable based on relevant case law. However, advise client of IRD view and be prepared to argue your case in the event of IRD scrutiny Further Options Bob purchases or leases his own vehicle and seeks a reimbursement for business use Reimbursement = tax free payment to Bob However, must be based on actual cost of business use or a reasonable estimate of cost 12
13 Further Options Bob makes employee contribution = FBT taxable value Taxable value = either 9% per quarter of tax book value incl. GST or 5% per quarter of cost incl. GST. Contribution must be equal to taxable value to eliminate FBT liability Contribution is taxable income to ABC Ltd and a deemed supply for GST Question What if Bob did not have a home office, but was instead required to store the company vehicle at home because no secure garaging was available at the premises of ABC Ltd? What would you advise Bob in this instance? Again, ensure the following are met/in place: Letter restricting private use and obliging Bob to store the vehicle at home Ideally, an insurance policy requiring the vehicle to be stored overnight in a locked garage No availability of such storage at the business premises No actual private use of the vehicle. Bob should be able to point to another private vehicle available for his private use. Evidence kept by ABC Ltd of checks on compliance with restriction 13
14 Further Consideration Similar to home office scenario, could be contentious in light of IRD s published view. Possibly more so given no home office in use However, case law supports no benefit therefore no FBT in these circumstances however IRD will argue otherwise Car Parks Question ABC Ltd wants to provide car parks to its employees. It does not have sufficient space available at its building premises, however the public car park across the road has spaces available. ABC Ltd negotiates the following terms under a car park licence agreement: 14
15 Question Lease of allocated spaces for use only by ABC Ltd employees 24hours/7 days The allocated spaces are labelled with ABC Ltd s name Access to the part of the building where spaces are located are not restricted, however a towaway sign is present Does ABC Ltd have to account for FBT on the car parks provided to employees? No Despite the agreement being labelled as a licence the rights conferred to ABC Limited are similar to the rights and privileges of ownership ABC Ltd has exclusive possession of the car parks and it has the ability to exclude other people from using them (i.e. via the tow-away restriction) Hallmarks of a Car Park Lease Right of exclusive possession All rights and privileges associated with ownership Allocated space (or floor) 15
16 Childcare Facilities Question XYZ Ltd has offices in Auckland CBD, the North Shore and West Auckland. XYZ Ltd is proposing to establish a childcare facility at its Auckland CBD location which will be available to staff at no cost Does XYZ Ltd have to account for FBT on the free childcare? No Providing childcare facilities at no cost to employees = fringe benefit However childcare provided on premises is exempt In this case the childcare facility is located at one of the premises owned by the employer, so qualifies for the on premises exemption 16
17 Question What if staff were required to sacrifice part of their salary in exchange for the childcare services? Arguably there is a reduced benefit as employees effectively pay for the childcare services by taking a salary sacrifice, however there may still be some benefit as the payment is made via pre-tax income. In any case, the FBT on premises exemption would apply again The IRD made a binding ruling on this very issue for childcare services provided to Westpac employees where there was a salary sacrifice it was concluded no FBT liability arises See Product Ruling BR Prd 06/03, TIB, Vol 18, No 9, October 2006 concerning childcare benefit provided to Westpac employees 17
18 Question What if the North Shore office was owned by a different company to that which owned the CBD and West Auckland offices? Would the FBT treatment change for staff members using the childcare service who are from the North Shore office? No, providing the two companies are within the same group of companies (i.e. 66% commonly owned) However, if the two companies are not at least 66% commonly owned then the on premises exemption does not apply and FBT would be payable in this instance Gym Facilities 18
19 Gym Facilities Similar analysis as that for childcare facilities Gym facilities provided on employer premises or an associate with >66% commonality exempt from FBT Question ABC Ltd is trying to promote a healthy work place. It is considering ways to encourage staff to take up a membership with City Gyms Ltd (non associated) What tax implications arise if ABC Ltd provide free memberships to staff members? What if ABC Ltd negotiates a special corporate rate with City Gyms Ltd for its staff? Free membership = may be subject to FBT, as benefit provided If ABC Ltd reimburses staff for their own membership then = monetary remuneration Could meet unclassified benefit exemption if less than $300 per employee per quarter (or $1,200 per annum) and less than $22,500 per annum for all employees 19
20 If ABC Ltd negotiates a corporate rate with City Gyms Ltd, then no FBT/PAYE issues, as the corporate rate is offered by a third party on an arm s length basis Effectively no benefit arising in connection with employment rate is offered by City Gyms Ltd to certain customer (i.e. corporate) segments Note this is on the basis that staff pay that rate and is not paid by employer Other Benefits Rugby/Sporting Tickets Question Cathy is an employee of NRL Mad Ltd and has purchased NRL Nines tickets so she can take clients to the games The tickets are general entry tickets Does NRL Mad Ltd have to account for FBT on the tickets? Are there any other tax implications? 20
21 Arguably there is no benefit to Cathy she is entertaining clients, so no FBT What about entertainment expenditure? In this case, expenditure not subject to entertainment limitations as it does not fit within the specified categories in the entertainment regime (i.e. no corporate box, etc) However, if Cathy was provided tickets to take her family to the games, then FBT may arise on the value of the benefit Again determine whether unclassified benefit exemption can be met Other Benefits Accommodation 21
22 Question Bill has landed a new job as a farm manager for Farms Ltd. Bill is expected to live and work on the farm as part of his duties, and is accordingly provided with a home at no cost for him and his family to live in Bill is also provided with unlimited use of the farm ute What are the tax implications? Market value of accommodation = employment income/subject to PAYE. Despite being a non cash benefit, this is a specific inclusion in employment income Legislation recently enacted confirming market value of accommodation taxable. Certain exemptions apply for secondments and out of town travel but no discount beyond market value Unlimited use of ute may be subject to FBT Use of the ute on the farm (i.e. premises) is exempt due to on-premises exemption The ute would be capable of being a work related vehicle if it was sign written with Farm Ltd s name, etc However, currently private use (except travel between work and home) is not restricted A work related vehicle still has to have private use restricted to be exempt from FBT (plus evidence of regular checks). So potentially FBT in this case 22
23 What if employer also pays electricity for farm house? If power bill in the name of the employer, this is an unclassified fringe benefit subject to FBT unless exemption applies If power bill in the name of the employee, this is subject to PAYE Other Benefits Away from Home Costs Question Angela is being sent to Sydney on secondment for 3 months Her employer, NZ Ltd has agreed to pay her accommodation and travel costs and a daily allowance of $50 per day to cover incidentals during this time What are the tax implications of these payments? 23
24 Accommodation (up to 3 months) and travel costs tax free Refer IRD Determination DET 09/04 Eligible Relocation Expenses (TIB Vol 21, No 9, Dec 2009) which allows up to 3 months tax free What if secondment was for 12 months? New legislation recently enacted. Secondment for continuous period, accommodation will be tax free for up to 2 years Effective from 1 April 2015, with employers being able to elect to apply the rules back to 1 January 2011 (provided they have not taken a tax position that the accommodation was taxable before 6 December 2012, the date of the Commissioner s Statement outlining Inland Revenue s interpretation of the law) What About Daily Allowance? Daily allowance tax free, provided it represents an estimate of costs incurred (i.e. should have supporting science as to how daily figure reached). Otherwise employment income Note legislation now clarifies work related meals exempt (section CW 17B) 24
25 Other Benefits Unclassified Benefits Unclassified Benefits Captures any other benefit provided that is not specifically defined Examples Xmas gifts, rewards, hampers, etc May be exempt if thresholds not breached Question ABC Ltd has implemented a new staff rewards scheme. If staff members reach monthly targets, then they accrue a certain amount of points Once a minimum number of points is reached, staff can choose a reward. The rewards/goods are provided by a third party who specialises in employee reward schemes (similar to Fly Buys system) 25
26 Question What are the tax implications: When a staff member accrues points at the end of each month, and When a gift is redeemed? When points are accrued: No tax implications as no benefit or value provided to staff at this point The points are not redeemable and have no value other than for participating in the rewards scheme No entitlement to a reward arises until (a) staff reach a minimum point level and (b) choose a reward When a gift is redeemed FBT liability arises at this point ABC Ltd effectively provides a gift/free good to the staff member when required point level reached and staff member chooses the gift 26
27 However, may still be exempt, if: Value of gifts provided is less than $300/per employee/per quarter and Total cost not more than $22,500 in last four quarters (including current quarter) Other Benefits Shareholder Employees Question Jack is a shareholder employee of XYZ Limited Jack has received a number of fringe benefits throughout the year, including: Company vehicle (available for private use) Interest free loan Xmas gift and hamper Rugby World Cup Tickets for Jack and his family 27
28 Question Does XYZ have to account for FBT on ALL the benefits provided? No, Jack may choose to receive the unclassified benefits as a deemed dividend However, FBT must be paid on the motor vehicle and interest free loan i.e. he cannot elect for these categories to be dividends If XYZ Ltd is an ordinary company, then the value of the Xmas gift & hamper and Rugby tickets is a deemed dividend if so elected Election must be made in relevant FBT period. Determined quarterly but deemed to arise six months after balance date XYZ Ltd can elect to attach IC s to the value. May be preferable if excess IC s available and shareholder employee has lower tax rate or losses 28
29 If XYZ Ltd is a QC, then non cash dividends are exempt, so no further tax cost on these benefits Benefit not taxable to shareholder and not deductible to QC If QC shareholder has borrowed to acquire shares, interest deductions can be reduced by amount of non cash dividend received Questions 29
Tax facts. Annual tax rates and dates 2014-2015 as of 1 April 2014
Tax facts Annual tax rates and dates 2014-2015 as of 1 April 2014 Contents 03 Income tax rates 05 Goods and services tax (GST) 06 Tax penalties and interest 08 Fringe benefit tax (FBT) 10 Depreciation,
More informationDeclaration of wages. Guidance for employers. 27 July 2015 - GD900 V3
Declaration of wages Guidance for employers 27 July 2015 - GD900 V3 Declaration of wages Your accident insurance policy which covers your business for the cost of any work related injuries is renewed every
More informationPaying your way. Tax issues for the self employed
Paying your way Tax issues for the self employed May 2012 Tax issues for the self employed This is a brief overview of tax issues that affect the self employed. Understanding your tax responsibilities
More informationFundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd
Fundamentals of Australian Taxation Snehal Shah Director GMK Partners Pty Ltd Disclaimer This presentation is of a general nature only and is not intended to be relied upon as, nor to be a substitute for,
More information2012 Annual Financial Statements Questionnaire
Nair & Chen Chartered Accountants Limited 280 Great South Rd PO BOX 74-322 Greenlane Auckland 1051, New Zealand 2012 Annual Financial Statements Questionnaire Business Name: Financial Year ended: 2012
More informationYear-end Tax Planning Guide - 30 June 2013 BUSINESSES
Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES
More informationWages definition manual
Wages definition manual Information for employers Controlled uncontrolled if printed/copied Page 1 of 14 Table of contents 1. Introduction... 4 1.1 Reviews and queries... 4 1.2 Definitions dictionary...
More informationEdition 67 Allowances
Edition 67 Allowances INTRODUCTION According to the Tax Office, the treatment of allowances is one of the most misunderstood areas of payroll. Whether it be misclassifying an amount as an allowance (when
More informationSHAREHOLDER ISSUES Part II. Prepared & Presented by nsatax Limited
SHAREHOLDER ISSUES Part II Prepared & Presented by nsatax Limited Disclaimer This webinar is of a general nature only. Please obtain specific advice on client situations as minor changes in facts may result
More informationTax Planning Checklist
Tax Planning Checklist For the year ended 31 March 2014 Contents Year end tax planning checklist 1 General tips on minimising tax 4 Help us to process your records efficiently and quickly 5 Help yourself
More informationFringe benefit tax guide A guide to working with FBT
IR 409 July 2014 Fringe benefit tax guide A guide to working with FBT www.ird.govt.nz 1 Introduction We ve written this guide to help employers with their fringe benefit tax (FBT) requirements. If, after
More informationCOMMISSIONS RECEIVED BY LIFE AGENTS ON THEIR OWN POLICIES AND THOSE OF ASSOCIATED PERSONS INCOME IMPLICATIONS
Note (not part of Rulings): The issues dealt with by these Rulings were first covered in Public Ruling BR Pub 96/9A, published in Tax Information Bulletin Volume 8, Number 8 (November 1996). The arrangements
More informationFBT Checklist 2009/10
FBT Checklist 2009/10 Checklist of s How to use this checklist 3 Checklist of s 4 Motor vehicle expenses 4 Loans 5 Debt waiver 5 Housing 6 Travelling expenses 7 Entertainment expenses meal 8 Entertainment
More informationEntertainment expenses
Entertainment expenses What you need to know about making claims IR 268 June 2015 Contents About this guide 3 Why paying tax matters 4 Expenses when running a business 5 50% deductible entertainment expenses
More informationEXPOSURE DRAFT - FOR COMMENT AND DISCUSSION ONLY. Deadline for comment: 17 Sep 2015. Please quote reference: PUB00215-3.
Deadline for comment: 17 Sep 2015. Please quote reference: PUB00215-3. QUESTION WE VE BEEN ASKED QB 15/X3 INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER
More informationCharitable and donee organisations
IR 255 August 2014 Charitable and donee organisations A tax guide for charities, donee organisations and other groups www.ird.govt.nz 3 Introduction Charitable organisations have a number of tax obligations.
More informationFirst-time employer s guide
First-time employer s guide Information you ll need if you re thinking of employing workers for the first time IR 333 February 2014 Contents About this guide 3 Why paying tax matters 3 Are you an employer?
More informationINCOME TAX INSURANCE TERM LIFE INSURANCE POLICY TAKEN OUT BY EMPLOYER FOR THE BENEFIT OF AN EMPLOYEE
QUESTION WE VE BEEN ASKED QB 15/06 INCOME TAX INSURANCE TERM LIFE INSURANCE POLICY TAKEN OUT BY EMPLOYER FOR THE BENEFIT OF AN EMPLOYEE All legislative references are to the Income Tax Act 2007 unless
More informationShareholder Issues 2 September 2014
Shareholder Issues 2 September 2014 Questions & Answers Q1: Sorry I m confused; you mentioned the 66% rule again. Does that mean if you pay a salary of $100,000 with PAYE deducted (paid regularly through
More informationINCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYER FOR THE BENEFIT OF AN EMPLOYEE
QUESTION WE VE BEEN ASKED QB 15/10 INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYER FOR THE BENEFIT OF AN EMPLOYEE All legislative references are to the Income Tax Act
More informationGALLAGHER, FLYNN & COMPANY, LLP Tax Alert Issue #39 ~ December 3, 2014. Fringe Benefit Reporting
GALLAGHER, FLYNN & COMPANY, LLP Tax Alert Issue #39 ~ December 3, 2014 Fringe Benefit Reporting As the year draws to a close, we want to remind you about including taxable fringe benefits in all applicable
More informationLabour Cost Index (All Labour Costs): June 2015 quarter
Labour Cost Index (All Labour Costs): June 2015 quarter Embargoed until 10:45am 21 October 2015 Key facts From the June 2014 quarter to the June 2015 quarter: Labour costs increased 1.5 percent. Non-wage
More informationAPESMA GUIDE TO remuneration
APESMA GUIDE TO remuneration p a c k a g i n g The Association of Professional Engineers, Scientists and Managers, Australia contents Introduction 2 Remuneration packaging: What is it? 2 How does it work?
More informationNOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE
NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE Never change company shareholding without conferring with us because there are tax implications. Please note the following comments 1. Cars If you sell
More informationGST Legislative amendments
GST & FBT update for the public sector - Overview Recent legislative amendments Update on ATO public rulings GST: - Update on Australian Business Register (ABR) - Notional GST - GST and Appropriations
More informationEmployee Information Guide. Salary Packaging
Guide Salary Packaging April 2014 Contents Contents... 2 Disclaimer... 4 1. Introduction... 5 1.1 About this guide... 5 1.2 Financial Advice... 5 1.3 What is Salary Packaging?... 5 1.4 Who is eligible
More informationANNUAL BUSINESS CHECKLIST. 2011 Financial Year
ANNUAL BUSINESS CHECKLIST 2011 Financial Year Please take the time to complete this checklist as it is a very important part of the accounting process. It helps you: Identify and provide the information
More informationCompany Income Tax and Other Taxes
Company Income Tax and Other Taxes Company Taxation Arrangements The company tax rate (also known as the corporate) is 30%. The treatment of business expenditure for the mining and petroleum industries
More informationSalary Packaging Policy and Procedure Manual
Policy Directive Ministry of Health, NSW 73 Miller Street North Sydney NSW 2060 Locked Mail Bag 961 North Sydney NSW 2059 Telephone (02) 9391 9000 Fax (02) 9391 9101 http://www.health.nsw.gov.au/policies/
More information0-14,000 10.5% 14,001-48,000 17.5% Companies (including branches or permanent establishments of non-resident companies & unit trusts)
TAX FACTS 2016 INCOME TAX RATES INDIVIDUALS Income 0-14,000 10.5% 14,001-48,000 17.5% 48,001-70,000 30% Over 70,000 33% COMPANIES Companies (including branches or permanent establishments of non-resident
More informationFor adviser use only. Salary Packaging strategies to Minimise Taxation
For adviser use only Salary Packaging strategies to Minimise Taxation General Advice Warning This presentation has been prepared by IOOF Investment Management Limited (IIML), ABN 53 006 695 021, AFS Licence
More informationINDEX: WWW.FIRSTBOOKKEEPING.COM.AU
INDEX: ü Step 1 Getting started in business registrations Page 3-4 ü Step 2 What you need to know about business income tax Page 5 6 ü Step 3 Business Expenses what to claim Page 7 ü Step 4 Working from
More informationYear-end Tax Planning Guide - 30 June 2014 BUSINESSES
Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES
More informationTax Year End Australia 2014 - Mogg Osborne Pty
Mogg Osborne Pty Ltd 2014 Year End Reminders and Obligations Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action over the next
More information2007 ANNUAL ACCOUNTS QUESTIONNAIRE Financial year ended 1 April 2006 to 31 March 2007
Business Name Main Contact Email Mobile Phone Please check the list below to ensure you have provided all the applicable information and return this completed questionnaire with your records. Incomplete
More informationBenefits in kind guide. Unlimited accountant support and online software
Benefits in kind guide Unlimited accountant support and online software 033 3311 8000 Benefits in kind guide Contents: Benefits in kind are benefits which employees or directors receive from their company
More informationIndividual Tax Return Checklist 2015
Individual Tax Return Checklist 2015 This checklist has been prepared by Rose Guerin Chartered Accountants to assist clients to prepare for their 2015 individual tax return. Personal Details Client One
More informationPay as you go withholding
Introduction for employers Pay as you go withholding What you need to know Our commitment to you We are committed to providing you with accurate, consistent and clear information to help you understand
More informationCANADIAN CORPORATE TAXATION. A General Guide January 31, 2011 TABLE OF CONTENTS INCORPORATION OF A BUSINESS 1 POTENTIAL ADVANTAGES OF INCORPORATION 1
CANADIAN CORPORATE TAXATION A General Guide January 31, 2011 TABLE OF CONTENTS PART A PAGE INCORPORATION OF A BUSINESS 1 POTENTIAL ADVANTAGES OF INCORPORATION 1 POTENTIAL DISADVANTAGES OF INCORPORATION
More informationHow to complete the PAYG payment summary individual non business
Instructions for PAYG withholding payers How to complete the PAYG payment summary individual non business Instructions to help you complete PAYG payment summary individual non business (NAT 0046) WHEN
More informationSalary Packaging Policy and Procedure Manual
Policy Directive Ministry of Health, NSW 73 Miller Street North Sydney NSW 2060 Locked Mail Bag 961 North Sydney NSW 2059 Telephone (02) 9391 9000 Fax (02) 9391 9101 http://www.health.nsw.gov.au/policies/
More informationTax tips and tax return checklist
Tax tips and tax return checklist To help you complete your tax return, the following lists outlines the payments that are classified as income and those that are classified as expenses across a range
More informationSalary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore
Salary Packaging Information Kit Catholic Schools Office Diocese of Lismore 13 TABLE OF CONTENTS SALARY PACKAGING... 1 HOW IT WORKS... 1 SALARY PACKAGING AND THE OPERATION OF INCOME TAX LEGISLATION...
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EMPLOYEE BENEFITS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EMPLOYEE BENEFITS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF THE INDUSTRY... 1 Employee Benefits...
More informationIRAS e-tax Guide. GST: Fringe Benefits
IRAS e-tax Guide GST: Fringe Benefits Published by Inland Revenue Authority of Singapore Published on 04 May 2015 Disclaimers: IRAS shall not be responsible or held accountable in any way for any damage,
More informationWages Definition Manual
Wages Definition Manual January 2014 Disclaimer This publication may contain work health and safety and workers compensation information. It may include some of your obligations under the various legislations
More informationINDIVIDUALS 2015 year end information and checklist Tax changes
Vision, understanding and results INDIVIDUALS 2015 year end information and checklist Tax changes Are you an Uber driver or rent out your home on AirBNB? If you earn income from the sharing economy, that
More informationAUTOMOTIVE UPDATE. Trust distribution. Division 7A loan and unpaid present entitlement. Partner, Brisbane Tel: +61 7 3237 5744 mark.ward@bdo.com.
AUTOMOTIVE UPDATE AUTOMOTIVE tax planning 2013 With another financial year end fast approaching, BDO s automotive team provides some guidance on practical measures to minimise your dealership s tax position
More informationRefer us a friend today and receive 100 EXPENSES GUIDELINE
Refer us a friend today and receive 100 EXPENSES GUIDELINE CONTENTS Limited company expense guidelines 1 Business Expenses 2 Salaries 2 Travel and Subsistence Expenses 2 Business Mileage 3 Company Car
More informationBUSINESS EXPENSES AND DEDUCTIONS
03 BUSINESS EXPENSES AND DEDUCTIONS Claim deductions for your business expenses when you lodge your income tax return, see page 18. To claim deductions for your business expenses when you lodge your income
More informationFRINGE BENEFITS TAX GUIDELINES UNSW
FRINGE BENEFITS TAX GUIDELINES UNSW - 1 - 1 Purpose... 4 2 Scope... 4 3 What is Fringe Benefits Tax (FBT)?... 4 4 When is the FBT Year?... 4 5 Types of Fringe Benefits... 4 5.1 Those Relevant to UNSW...
More informationthat the assets are often used outside of the office, some private or domestic use is inevitable.
DRAFT DRAFT INTERPRETATION NOTE DATE: ACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : PARAGRAPHS 2(b), 2(e), 2(h), 6, 10 AND 13(1) OF THE SEVENTH SCHEDULE SUBJECT : TAXABLE BENEFIT USE OF EMPLOYER-PROVIDED
More informationINTERPRETATION NOTE: NO. 77. DATE: 4 March 2014
INTERPRETATION NOTE: NO. 77 DATE: 4 March 2014 ACT : INCOME TAX ACT NO. 58 OF 1962 SECTION : PARAGRAPHS 2(b), 2(e), 2(h), 6, 10 AND 13(1) OF THE SEVENTH SCHEDULE SUBJECT : TAXABLE BENEFIT USE OF EMPLOYER-PROVIDED
More informationIs it Tax Deductible?
Everyone wants to pay less tax right? To do that you need to know what you can claim and what you can t. It s not about cheating the system, or creative accounting. It s all about claiming what you re
More informationSOLE TRADERS 2015 year end information and checklist In brief
Vision, understanding and results SOLE TRADERS 2015 year end information and checklist In brief Date 7:30pm AEST 12 May 2015 Pre 30 June 2015 Changes and actions Small businesses with a turnover below
More informationPerriam & Partners Ltd Chartered Accountants & Business Advisors
Perriam & Partners Ltd Chartered Accountants & Business Advisors 2014 BUSINESS QUESTIONNAIRE BUSINESS NAME: E-MAIL ADDRESS: CONTACT PERSON: HOME PHONE NUMBER: CELLPHONE NUMBER: ADDRESS: AUTHORITY AND TERMS
More informationTax deductible superannuation contributions
Tax deductible superannuation contributions TB 35 TECHNICAL SERVICES ISSUED ON 29 OCTOBER 2014 ADVISER USE ONLY VERSION 1.1 Summary Employers and certain individuals can claim a tax deduction for contributions
More informationDOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.
DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature
More informationEmployer s Guide to Payroll Tax in the Northern Territory. Territory Revenue Office
Employer s Guide to Payroll ax in the Northern erritory erritory Revenue Office Preface his guide provides a brief explanation of an employer s Northern erritory payroll tax responsibilities but it does
More informationCHAPTER 4 - TAX PREFERENCES FOR SUPERANNUATION AND LIFE INSURANCE SAVINGS
45 CHAPTER 4 - TAX PREFERENCES FOR SUPERANNUATION AND LIFE INSURANCE SAVINGS 4.1 Introduction In general, superannuation and life insurance have not been subject to the normal income tax treatment for
More informationHow to Calculate a Taxable Income in New Zealand
Tax facts & figures New Zealand 2012 2 PwC New Zealand Tax facts & figures 2012 Contents Liability to income tax Imposition of income tax 7 Gross income 7 Exempt income 8 Allowable deductions 8 Income
More informationREQUIRED FOR YEAR END 31 MARCH 2015. Your personal information
REQUIRED FOR YEAR END 31 MARCH 2015 Your personal information Your details Personal details IRD number Contact details - to ensure our records are up to date, please complete the following Preferred contact
More informationAdvanced guide to capital gains tax concessions for small business 2013 14
Guide for small business operators Advanced guide to capital gains tax concessions for small business 2013 14 For more information visit ato.gov.au NAT 3359 06.2014 OUR COMMITMENT TO YOU We are committed
More information2015 Individual Tax Return Checklist
2015 Individual Tax Return Checklist Name of taxpayer: Address: Preferred contact no.: Income PAYG payment summaries (eg from employers) Lump sum payments (eg employment termination payment) Partnership
More informationPARBHU GALLAGHER PARAG LIMITED BUSINESS CHECKLIST. 2012 Financial Year
Client Name: (must be completed) PARBHU GALLAGHER PARAG LIMITED BUSINESS CHECKLIST 2012 Financial Year Please take the time to complete this checklist as it is a very important part of the accounting process.
More informationLWK. Chartered Accountants. Individual Tax Return Checklist
LWK Pty. Limited ACN 121 288 373 Chartered Accountants Business Advisers and Consultants Business Advisers an Individual Tax Return Checklist This checklist has been prepared by LWK Pty Limited Chartered
More informationGuidelines for Providing Cars April 2013
April 2013 Introduction: The provision of cars for private use is a common practice amongst councils either as a private benefit in a senior staff contract of employment or as part of a leaseback arrangement
More informationSALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES
SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES 1. Introduction Categories of Arrangements. 2. Benefits of Vehicle Leasing. 3. Lease Contract Conditions. 4. Understanding the Commitment. 5. Safety Nets.
More informationEMPLOYMENT COURT AWARDS FOR LOST WAGES OR OTHER REMUNERATION - EMPLOYERS LIABILITY TO MAKE TAX DEDUCTIONS
EMPLOYMENT COURT AWARDS FOR LOST WAGES OR OTHER REMUNERATION - EMPLOYERS LIABILITY TO MAKE TAX DEDUCTIONS PUBLIC RULING BR Pub 01/06 Note (not part of ruling): This ruling replaces Public Rulings BR Pub
More informationPaper F6 (LSO) Taxation (Lesotho) Tuesday 4 December 2012. Fundamentals Level Skills Module. Time allowed
Fundamentals Level Skills Module Taxation (Lesotho) Tuesday 4 December 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates
More informationCompany Taxation. There is no difference in treatment in determining the profits and income from any source of a company.
Company Taxation There is no difference in treatment in determining the profits and income from any source of a company. 1 Calculation of a tax payable for a company 1. Tax on Income taxable at special
More informationSalary Packaging Issues
Salary Packaging Issues Murray Nicholls Saward Dawson Session overview 1. Terminology & basics 2. Specific issues for pastors 3. Options for other church staff 4. How salary packaging affects government
More informationMonash University. Novated Lease Vehicle Policy
Novated Lease Vehicle Policy Please note: changes and modifications to this policy and its attachments may occur from time to time without prior notice. It is encouraged that you review the policy on the
More informationRelocation Benefits. What is a relocation benefit? How salary sacrificing relocation benefits works. www.paywise.com.au
What is a relocation benefit? Employees are able to salary sacrifice certain costs associated with temporary or permanent relocation from their place of residence where their employer requires them to
More informationTax and Small Business: Navigating the ATO minefield as June 30 draws closer
June 23, 2015 Tax and Small Business: Navigating the ATO minefield as June 30 draws closer The small business sector has variously been described as the engine room of the economy, as well as the biggest
More informationFinancial Planning 101
Hughes Forbes Financial Services AFSL 323719 Financial Planning 101 P R E S E N T E D BY F A B I A N P O S T I G L I O N I M a y 2 0 1 2 Disclaimer 2 This material is not intended to constitute personal
More informationTax facts & figures New Zealand
Tax facts & figures New Zealand 2013 New Zealand Tax facts & figures 2013 For the latest information on developments in tax law and policy visit our web site at: pwc.co.nz New Zealand Tax facts & figures
More informationThe Expatriate Financial Guide to
The Expatriate Financial Guide to Australian Tax Facts Australia Introduction Tax Year Assessment Basis Income Tax Taxation in Australia is mostly at a national/federal level with property taxes (council
More information2015 YEAR END TAX & SUPERANNUATION PLANNING GUIDE
2015 YEAR END TAX & SUPERANNUATION PLANNING GUIDE We are pleased to provide our year end tax planning guide for 2015. Tax Planning should be done on a regular basis throughout the year. However, these
More informationApplication for a WorkCover Insurance Policy: Instructions for completing the form
Application for a WorkCover Insurance Policy: Instructions for completing the form Victorian WorkCover Authority APPLYING FOR WORKPLACE INJURY INSURANCE IN VICTORIA WHAT IS WORKCOVER? WorkCover is a compulsory
More information2015 INDIVIDUAL TAX RETURN CHECK LIST
PARTNERS Chartered Accountants Bondi Junction office -Suite 1807, Level 18, Tower Two, 101 Grafton Street, Bondi Junction, 2022, NSW, Australia Hornsby Office- 237 Pacific Highway Hornsby NSW 2077 P O
More informationINTERNATIONAL PRODUCTION IN AUSTRALIA
INTERNATIONAL PRODUCTION IN AUSTRALIA GOODS & SERVICES TAX (GST) & CAST/CREW WITHHOLDING TAX GUIDE FOR FOREIGN PRODUCERS Prepared by Moneypenny Services in conjunction with Disclaimer The information has
More informationTRADING TRUST BUSINESS INFORMATION
TRADING TRUST BUSINESS INFORMATION PLEASE NOTE: The Penalties Regime came into effect on 1 April 1997. It is the taxpayer s responsibility to ensure that all information is true and correct! Has the Trust
More informationDover Individual Income Tax Return Checklist
Dover Individual Income Tax Return Checklist For the year ending (insert income year) 1. Advisor/Accountant Details Company/Firm name: Contact name: Contact email: Contact phone: 2. Client Details Full
More informationUniversity of Pretoria. LEARNING AREA 6: Fringe Benefits Lecture 36-37
University of Pretoria LEARNING AREA 6: Fringe Benefits Lecture 36-37 1 Fringe Benefits Overview Lecture Topic Silke Lecture 36 Lecture 37 Intro, Allowances 11.1, 11.2, 11.3 Lecture 38 Various fringe benefits
More informationINFORMATION FOR INCOME TAX RETURN CLIENT CHECKLIST INDIVIDUALS - for year ended 30 June 2014.
INFORMATION FOR INCOME TAX RETURN CLIENT CHECKLIST INDIVIDUALS - for year ended 30 June 2014. To assist us in preparing your income tax return, please use this checklist when compiling your information.
More informationPersonal Service Companies. Guidance Note GN 50
Personal Service Companies Guidance Note GN 50 Issued by the Income Tax Division 20 March 2014 PLEASE NOTE: This guidance has no binding force and does not affect your right of appeal on points concerning
More informationNew Business Start-up & Business Purchase Package
Ph. (07) 5592 3644 Fax: (07) 5527 6739 Unit 10, The Pegasus Centre, 42 Bundall Road, Bundall QLD 4217 PO Box 7826 GCMC, Bundall QLD 4217 www.walshaccountants.com info@walshaccountants.com New Business
More informationProvinces and territories also impose income taxes on individuals in addition to federal taxes
Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)
More informationHow Can You Reduce Your Taxes?
RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.
More informationDraft guidance on disclosure of certain fees and returns by managed funds
Consultation Paper October 2015 Draft guidance on disclosure of certain fees and returns by managed funds About this consultation paper This consultation paper is designed to help managers, supervisors,
More informationTHE NECESSARY FBT RECORDS
THE NECESSARY FBT RECORDS Under tax law, you must keep sufficient records to enable your FBT liability to be assessed. You must keep your records in English. If your records are not in a written form (for
More informationBroomfield & Alexander Employment Tax Advisory Services
Broomfield & Alexander Employment Tax Advisory Services Contents Broomfield & Alexander Employment Tax Advisory Services 1 Tax responsibilities for employers Tax mitigation and red tape Specialist help
More information! " # $%& " ' ( & ) * +,
!"#$%&"'(& )*+, -"!! ""#$! %!! &!#!'"%% (!" %% )%*$ +!,-./'!!! % #%%%% %%! % #" %# %%"' ' #!%!"!$,,,, % %0..-' ' "%%+12/ +$/ )*+, I wish to appreciate your continued co-operation in the operation of the
More informationACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : PARAGRAPH 7 OF THE SEVENTH SCHEDULE TO THE ACT SUBJECT : RIGHT OF USE OF MOTOR VEHICLE
INTERPRETATION NOTE: NO. 72 DATE: 22 March 2013 ACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : PARAGRAPH 7 OF THE SEVENTH SCHEDULE TO THE ACT SUBJECT : RIGHT OF USE OF MOTOR VEHICLE CONTENTS PAGE
More information2014 Tax Questionnaire
Heffernan Crawford Accountants 2014 Tax Questionnaire Make your 2014 Tax Return easy For just 250* Completing Heffernan Crawford Accountants "2014 Tax Questionnaire" can save you time and money in preparing
More informationRemuneration guide to inclusions and exclusions. Workers Rehabilitation and Compensation Act 1986
Remuneration guide to inclusions and exclusions Workers Rehabilitation and Compensation Act 1986 July 2013 Disclaimer The information produced by WorkCoverSA in this publication is correct at the time
More informationIN RESPECT OF FRINGE BENEFITS
GUIDE FOR EMPLOYERS IN RESPECT OF (2016 TAX YEAR) 1 PURPOSE 3 2 SCOPE 3 3 OBLIGATIONS OF THE EMPLOYER 3 4 TAXABLE BENEFITS 4 4.1 ACQUISITION OF AN ASSET AT LESS THAN THE ACTUAL VALUE 4 4.2 RIGHT OF USE
More informationSelf-Employed Persons
Self-Employed Persons Deductible Expenditure 168 Broadway Avenue Phone (06) 357 6006 PO Box 788 Fax (06) 358 4716 PALMERSTON NORTH Web www.coombesmith.co.nz Self-Employed Persons Deductible Expenditure
More informationTop 15 Business Tax Deductions by Daniel Vasin
Top 15 Business Tax Deductions by Daniel Vasin Tax planning is an effective way to legally reduce tax before the end of the financial year. It s what Vasin accountants are mainly doing for its clients
More information