by Roann Castro | Dec 8, 2023 | Business
We want to protect your savings by stopping illegal access to super schemes.
It’s important to know when you can access your super early. Your super can only be accessed if you meet either a
common condition of release or a special condition of release.
Some people known as ‘promoters’ may offer to help you access your super early. They may tell you they can withdraw your super to use for personal purposes such as to buy a house or go on a holiday. This is illegal. If you’re approached by a promoter, protect your super and help us by
reporting it as soon as possible.
Be aware of people who are not qualified or licensed to be advising you about your super. You can visit the ASIC financial register to make sure the person or business you are dealing with has a financial license.
Better yet, check out an easy-to-read factsheet that highlights the dangers of illegally accessing your super early. https://www.ato.gov.au/uploadedFiles/Content/SPR/downloads/n75450_Illegal_Early_Release_Super_fact_sheet.pdf
Additional information about other super schemes targeting SMSFs can be found at https://community.ato.gov.au/s/topic/a0N9s000000DacBEAS
by Roann Castro | Dec 6, 2023 | Business
If you’ve been giving your employees perks like car parking or gym memberships, you should consider the fringe benefits tax (FBT) implications.
These extras can be a great bonus on top of salary and wage income. But did you know they may be subject to FBT?
Keep in mind that everything in the list below could be subject to FBT:
• allowing an employee to use a work car, including a dual cab ute, for private purposes
• car parking
• tickets to concerts, shows or sports events
• reimbursed school fees
• discounted loans
• salary sacrifice arrangements with staff.
If you’re giving your staff extras that are subject to FBT, take these four steps:
• Identify the types of fringe benefits you give your staff
• Determine the taxable value using approved valuation methods relevant to each fringe benefit
• Lodge an FBT return by the due date (that may be a little later if your tax agent lodges online for you).
• Keep records that show your calculations and support your FBT position.
Knowing your FBTs starts with understanding how FBT works. Keen to learn more? Check out the website below or talk to your trusted tax professional for the best advice on managing your FBT obligations.
https://www.ato.gov.au/Business/Fringe-benefits-tax/?=redirected_fbt
