Work-related items that are exempt from FBT

There are a number of employee benefits that are exempt from fringe benefits tax (FBT). They include the following work-related items: – portable electronic devices (mobile phones, laptops, tablets, portable printers and GPS   navigation receivers) – computer software – protective clothing – briefcases – tools of trade The FBT exemption is limited to items…

Reducing the risk of refund fraud

Refund fraud occurs where tax returns, activity statements and other documents are deliberately falsified in order to claim a tax refund a taxpayer is not entitled to. Fraudulent claims can be lodged by individuals on their own account or third parties on behalf of others. Often, this can involve identity crime, where taxpayer identities are…

Rental property owners on ATO radar

The Australian Tax Office has announced that it will be paying close attention to rental property owners during this tax season, especially in areas where excessive interest expenses are claimed and where there is an incorrect apportionment of rental income and expenses between rental property owners. The ATO will also be focusing on those who…