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Are you travelling for work, or commuting between home and the office?

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FBT principles comes back into focus for a number of organisations with mobile employees travelling on Fly-in-Fly-Out (FIFO) arrangements. Business related travel expenses remain a topic of focus for the ATO. Whilst the John Holland case[1] and recently released Tax Ruling 2021/1 made significant progress in providing guidelines on when the “otherwise deductible” rule can apply for business-related travel expenses, the recent judgement in the Bechtel case[2] demonstrates that the devil is really in the detail.

Our Advocacy work: Thin capitalisation legislation

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In June 2023, legislation containing new thin capitalisation rules from 1 July 2023 was introduced into Parliament. Broadly, thin capitalisation applies to entities part of multinational groups that incur debt deductions (e.g. interest) of more than $2 million for an income year (on a group basis).

New thin capitalisation legislation introduced into Parliament

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Last month, legislation was introduced to Parliament that significantly rewrites Australia’s thin capitalisation rules with effect from 1 July 2023, with no grandfathering or transitional rules. The new regime will replace the current asset-based test with an earnings based test that limits net debt deductions to 30% of tax EBITDA.

Labour costs may not be deductible for tax purposes

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The ATO recently finalised its guidance (Taxation Ruling TR 2023/2) on when it considers labour costs incurred specifically for constructing and creating capital assets to be capital in nature and therefore not deductible under section 8-1 of the Income Tax Assessment Act 1997.

FBT and how it attracts the ATO’s attention

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Key points The ATO closely monitors Fringe Benefits Tax (FBT) compliance, especially around motor vehicle benefits, entertainment expenses, and discrepancies in employee contributions. Common triggers for ATO scrutiny include late or non-lodgement of FBT returns, misclassification of benefits, and undervaluation of car parking perks. FBT exemptions apply to work-related items like laptops, mobile phones, and protective […]

Victorian State Budget 2023-24 – Tax Update

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In this webinar, our Pitcher Partners speakers, Tax Advisory Partners, Craig Whatman and Irina Tan, and Client Director, Elena Bogomolova, discuss the changes to Victoria’s state taxes that were announced as part of the 2023-24 State Budget.

Key tax considerations for this 30 June

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As the financial year draws to a close, it is time to start thinking about whether your year-end tax planning is in order. This bulletin sets out a number of key considerations for this 30 June. However, tax planning requires consideration of income and deductions for the year as well as whether compliance requirements have been met (e.g. appropriate elections have been made on a timely basis and other appropriate documentation prepared).

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Responses to queries submitted via this form (“Response”) are produced by Pitcher Partners Advisors Proprietary Limited and are prepared for the exclusive use and benefit of those who are invited, and agree, to participate in the CRITICAL POINT NETWORK service. Responses provided, or any part thereof, must not be distributed, copied, used, or relied on by any other person, without our prior written consent. Any information provided is intended to be of a general nature and prepared without taking into account your objectives, circumstances, financial situation or particular needs. Any information provided does not constitute personal advice. If you act on anything contained in a Response without seeking personal advice you do so at your own risk. In providing this information, we are not purporting to act as solicitors or provide legal advice. Any information provided by us is prepared in the ordinary course of our profession and is based on the relevant law and its interpretations by relevant authorities as it stands at the time the information is provided. Any changes or modifications to the law and/or its interpretation after this time could affect the information we provide. It is not possible to guarantee that the tax authorities will not challenge a transaction or to guarantee the outcome of such a challenge if one is raised on the basis of the information we provide. To the maximum extent permitted by law, Pitcher Partners will not be liable for any loss, damage, liability or claim whatsoever suffered or incurred by any person arising directly or indirectly out of the use or reliance on the information contained within a Response. We recommend you seek a formal engagement of our professional services to consider the appropriateness of the information in a Response having regard to your objectives, circumstances, financial situation or needs before proceeding with any financial decisions. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.
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