FBT
An irregular expense payment that is less than $300.
What is the minor, infrequent and irregular exemption
Thanks RBA - This rate was 4.77% but now 8.27% as at 1 July 2023.
What is the benchmark interest rate
This is an agreement between Australia and other countries that aim to prevent double taxation, fiscal evasion, and assist each countries tax authorities in enforcing their respective tax laws.
What is the DTA
Section of legislation that discloses the list of general deductions
Section 8-1 ITAA1997
When an employer reimburses an employee for motor vehicle costs
What is an expense payment fringe benefit
This is a document that must be in writing before the relevant tax return is lodged or due to be lodged, and the princiale and interest be over 7 or 25 years, depending on security.
What is a compliant loan agreement
An offset that provides relief from paying double tax on your foreign and worldwide income.
What is the foreign income tax offset
A scheme, a tax benfit and the dominant purpose of obtaining a tax benefit
What is PartIVA
This is a vehicle that has a designed load capacity of less than one tonne, and are not designed for the principal purpose of carrying passengers (sub-section 8(2)).
What is an exempt motor vehicle
Net assets + Div 7A amounts − Non-commercial loans − Paid-up share value − Repayments of non-commercial loans
What is distributable surplus
A document that shows for a specific period, an entity is; an Australian resident for tax purposes, not a temporary resident, liable to pay tax on worldwide income in Australia
What is a certificate of residency
The section reference for blackhole expenditure
What is section S40-880
An allowance to cover the cost of food for an employee temporarily relocates for work
What is the Living Away from Home Allowance
These aren't real dividends and don’t affect the balance sheet or P&L, but must be reported in the company and shareholder tax return.
What is a deemed dividend
This is the first test that is considered for assessing a tax residency, and is taken from the definition - "'...to dwell permanently, or for a considerable time, to have one's settled or usual abode, to live, in or at a particular place...'
What is the resides test
where to find the list of specific deductions such as Bad Debts, capital allowances, cents per KM.
What is S12-5 ITAA 1997
This Fringe Benefit is where an employer provides the provision of office desks and chairs used by an employee for work
What is a residual fringe benefit
This was the year that Division7a was introduced
What is 1997
This is NANE income derived by a resident company through a permanent establishment in a listed country (whilst carrying on a business and satisfying the active income test)
What are foreign branch profits
Section of the ITAA that reference special professional income averaging
Section 405 ITAA1997