TAX ALERT
Lowe Lippmann Chartered Accountants
Introduction The end of the Fringe Benefits Tax (FBT) year is fast approaching on 31 March 2018, so we take this opportunity to revisit some hot FBT issues for both employers and employees, including:
Motor Vehicles - using the company car outside of work
Utes and commercial vehicles - the new safe harbour to avoid FBT
Car parking
Living away from home allowances
FBT rate change
Should you be registered for FBT?
Year-end tax checklists for Individuals and Businesses We have recently prepared two Year End Checklists which help explain some common strategies that may be considered for Individual and Businesses taxpayers. Year End Checklist for Individuals – click here Year End Checklist for Businesses – click here
Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. The Year End Checklist in the link below explains some common strategies that may be considered for all business taxpayers.
A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year. However, any individuals with potentially reduced income for the 2025 tax season may want to instead consider deferring any deductible expenditure (if possible).
