As the Christmas season fast approaches, benefits are typically provided to employees and clients by employers, by associates of employers, or under an arrangement with a third party in the form of entertainment and gifts. These benefits often attract FBT.
On 25 November 2022, the Senate passed the Treasury Laws Amendment (Electric Car Discount) Bill 2022 with amendments. The amendments were accepted by the House of Representatives on 28 November and the Bill now awaits Royal Assent.
To entice more parents into the workforce, address labour market concerns and reflect modern family and work requirements, the Federal Government confirmed plans to scale up the paid parental leave scheme in the October Budget.
The Government has introduced a Bill to provide an exemption from Fringe Benefits Tax (“FBT”) for a car fringe benefit attributable to an eligible low or zero emission car. The exemption is intended to encourage a greater take up of fuel-efficient cars and reduce Australia’s carbon emissions.
Cessation of employment removed as a taxing point for ESS interests which are subject to deferred taxation from 1 July 2022.
Several key super changes are set to apply for employers and superannuation members from 1 July 2022.
On 21 June 2022 the New South Wales and Queensland Governments handed down their respective State Budgets for 2022-23.
The Queensland Government handed down its 2022-23 State Budget on Tuesday 21 June 2022.
The NSW Government released its 2022-2023 State Budget today.
The Federal Government has recently made changes to corporation law disclosure requirements for employee share schemes (ESS), revealed in the 2022 Budget. Among the changes are the ability to offer more meaningful amounts of equity, including lifting the maximum cap from $5,000 per year per participant to $30,000, as well as a simplified regulatory regime […]
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