Newsletter

A car fringe benefit most commonly arises where you (the employer) make a car you 'hold' available for the private use of an employee (or the car is treated as being available). A car you hold generally means a car you own or lease.

If you are claiming work-related expense deductions, you need to satisfy the following:

• you must have spent the money and were not reimbursed;
• it must be related to your job; and
• you must have a record to prove it.

Trusts are widely used for investment and business purposes.

LOW INCOME EARNERS MAY NEED TO LODGE AN INCOME TAX RETURN

If your taxable income is under the tax-free threshold you may still need to lodge a tax return.