There’s a hidden danger lurking within the FBT rules that business owners should keep an eye on. Where a third party supplier is generous enough to include your employees, there’s a very real possibility that this could trigger a tax liability for that business. We run over this and other quirks of the FBT regime.
We also look at the need for valuations for SMSF assets, the looming Single Touch Payroll requirements, as well as when or if a business can use simplified trading stock rules.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.