Taxation

Read our latest Insights article on the newly updated Fuel Tax Credits rates now in effect via the link (blog.agredshaw.com.au)

For businesses managing a vehicle fleet, the Fuel Tax Credits system can be an excellent route for operators to claim full or partial credits for the fuel tax (excise or customs duty) that’s included in the price of fuel.

On Tuesday, 6^th October, Federal Treasurer Josh Frydenberg handed down the 2020/21 Federal Budget, outlining a further $98 billion in financial economic support, however acknowledging a $200 billion deficit – the biggest since World War II.

Parliament has signed-off on the JobKeeper 2.0 extension, which introduces a new fortnightly payment scheme for participants from 28 September 2020 to 28 March 2021.

For businesses who have employed new full-time employees over and above their capacity across the 2019-20 & 2020-21 Financial Years, you may be eligible to claim a Payroll Tax - 'Employment Growth Rebate', up to the value of $20,000 per year.

As part of the new Single Touch Payroll legislation introduced last year, there are a number of End-of-Year Payroll Reporting changes which now require action having entered Financial Year 2020/21.

Available any-time, this series features Ian Walker - Managing Director & Smiljan Jankovic - Director, as they discuss the latest in tax news and legislative updates from across the month of June.

It's no secret that COVID-19 and its impacts may have forever changed how we do business, both now and in the future. The arguable greatest change? Remote working and an employees' ability to work from home as a norm!

As we begin the 2020 Fringe Benefit Tax Year, it is important for businesses to continue to maintain their tax obligations - staying current and compliant during this especially uncertain time.

Overnight, the Palaszczuk Government released their State Budget 2019-20, dedicating initiatives to help Queensland's business sector and continue growth across our State economy.

With the end of the FBT year, employers will be focusing on strategies on how to minimise their FBT liability and possibly reduce their employee’s reportable fringe benefit disclosure.