Monday 24 Feb 2020
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Latest Accounting News
Hot Issues
Debate heats up around $10k cash ban bill
There’s still time to move to Single Touch Payroll (STP)
Real Time World Population Growth - Wow!!
ATO audits continue to target Lifestyle assets
Property deduction errors down to ‘lack of understanding’: ATO
Data can be great stuff! - Australia
GST refunds for returned imported goods
14k employers, $230m in super: Financial Services Minister defends proposed SG amnesty
Bushfires 2019–20 (ATO)
Accounting profession responds to bushfire crisis
Helping your business survive a natural disaster - ATO
Single Touch Payroll (STP) – now ensure super is paid on time.
Beware of Australian Taxation Office (ATO) impersonation scams
Australia by the Numbers
‘Visible, valued and owned’: ATO outlines super priorities for new year
Introductory Rates & Interest Free Periods
Our Advent calendar for 2019
Tax Office sounds warning on 8 types of super schemes
Don’t forget sharing economy income
Impress your friends with your knowledge!!
Salary sacrificing and the superannuation guarantee
Why so much super “stuff” this year?
Reverse Mortgage?
How the gig economy could create hidden tax issues for contractors and employers
15,000 tip-offs as ATO black economy hotline rings hot
What happens when interest rates hit the floor?
Director Penalty Notices (DPN)
Articles archive
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Quarter 1 of 2004
Articles
Fringe Benefits Tax and Odometer Readings
Income Tax - Car Expenses
Income Tax ? Car Expenses - Log Book Method.
Income Tax ? Car Expenses - One third of actual Expenses
Income Tax ? Car Expenses - 12% of Cost.
Income Tax ? Car Expenses - Cents per Km method
Property Depreciation Explained.
Reasonable Allowance Limits 2003/04
Tax Deduction for Life Insurance?
Real Estate & Self Managed Superannuation Funds
Employee Safety Net
Tax Audit Activity ? Motor Vehicle Expenses
Depreciation Adds Value
FBT and In-house Benefits
FBT and Laptop/Portable Computers
FBT and Record Keeping
FBT and Entertainment
FBT and Minor Benefits
FBT and Gifts to Clients
FBT ? Christmas Parties and Taxi Fares
Christmas Parties ? FBT & Income Tax
FBT and Entertainment
Do you know when you have been entertained? We can?t comment how successful somebody?s attempt to entertain you have been, but this is an element of the Australian Taxation Office(ATO) tests for food and drink expenses to be subject to FBT.

The ATO considers that entertainment is provided when the food and drink confers an entertainment on the recipient.  This needs an objective analysis of all the circumstances, including:-

What type of food is provided Morning and afternoon teas provided to staff on a work day on the employer?s premises or worksite, or light working lunch do not constitute entertainment.  More elaborate meals, such as working lunches, do confer entertainment and therefore fall within the definition of entertainment in s.51AE.

When food and drink is provided Provision of food during work time, overtime or whilst travelling are less likely to have the character of entertainment, as this type of meal usually does not go beyond providing mere sustenance.

Where the food and drink is provided Food and drink provided on work premises is less likely to have the character of entertainment, whilst food and drink provided at a hotel, restaurant, etc., or consumed with other forms of entertainment is more likely to have such a character.

Why the food and drink is provided The purpose test requires an evaluation of the reason for the provision of the relevant food and drink.  Where the purpose is to entertain, the food and drink will adopt a character of an entertainment meal.

An element of entertainment is required before the provision of food and drink becomes an ?entertainment meal?.

What?s more, what is entertainment to one person can be boredom to another.  The answer is therefore only known at the time ? making notes on the credit card voucher would be a good idea.





27th-January-2004
        
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