Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (‘FBT’) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have engaged an arm’s length valuer, as required under the ‘market value method’. According to
The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets (‘FITO’). An Australian tax resident had sold some US investments and paid US tax on the gains. The taxpayer was then basically taxed on half
There isn’t a right or wrong answer in this instance, but we discuss a couple of scenarios in this article – ones that may apply to you. Scenario 1: You have a mortgage and other loans If you currently have a mortgage, you will generally be paying a lower interest rate than any other loans
