Victorian Government has announced two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support.”
The ATO is looking carefully at businesses who have made adjustments to their circumstances in an attempt to track down businesses trying to abuse the system.
The ATO’s recently released interpretation will have a significant negative impact for some.
Previously, offshore sellers of Australian commercial accommodation had been exempt from the rule.
Saving as much tax as possible is one way to give your business a greater chance of success.
Depending on your specific circumstances, these may or may not be relevant for you.
Generally, this scenario is labelled as an ‘expense payment fringe benefit’.