Can government fix it

Review FBT compliance costs - please! Selected

According to a Corporate Tax Association survey of its members, Fringe Benefits Tax (FBT) is a significant compliance burden on taxpayers and is in need of reform. Whilst there have been some compliance safe harbours developed for FBT log books, other areas need legislative reform to reduce the cost of compliance with little cost to the revenue. Some simple fixes would include:

> Allowing for consolidation or grouping... more »

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7 votes
7 up votes
0 down votes

Can government fix it

Productivity and workplace diversity – current measures ineffect Selected

There are currently two FBT exemptions currently available which relate to child care:

1. Exemption for the provision of child care facilities – a key requirement is that the employer must provide the child care facility on its business premises.
2. Exemption for contributions made to obtain priority of access – of little practical value when compared to the cost of child care itself.

It is understood that only an exceptionally... more »

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89 votes
90 up votes
1 down votes

Can government fix it

tax transparency Selected

Public tax transparency laws should be changed to require the ATO to publish current year accounting profit/loss extracted from the tax return as well as the current total turnover, taxable income and taxes payable figures. This should help in the public's understanding of company tax performance and reduce the chance of the current data being used in a misleading fashion. It also better aligns with what companies... more »

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1 vote
1 up votes
0 down votes

Can government fix it

Align Fringe Benefit Tax Year with Income Tax Year trending idea Selected

For small businesses, calculating expenses that confer fringe benefits using a period that overlaps accounting periods adds an additional compliance burden. By aligning the two periods, a business can use their year-end figures to calculate their expenses for FBT

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6 votes
6 up votes
0 down votes