Are you paying for ride sharing trips to and from work? The ATO in its wisdom has confirmed that using a ride sharing taxi ‘like’ service for travelling to and from your ordinary place of business is deemed to be providing a fringe benefit. As the FBT law stands today it only excludes the use of registered taxi’s as part of an exemption carve out for no FBT benefit to arise on such taxi trips to and from home.
Employers may still be able to apply the FBT minor benefit exemption to expenses incurred in relation to ride-sourcing vehicles, however, if it is not minor and infrequent then it may be better to switch over to using a taxi registered service. Although it may still be cost effective to use ride sharing even when considering the fact it may have FBT consequences.
The above is general in nature and does not constitute as advice. Your certain circumstances may differ and we recommend giving Tactica Partners a call to discuss on 9387 5637.
Source: Accountants Daily
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
At last! An accountant who has "not" had a totally successful charisma bypass operation! Sensible and knowledgeable advice. Excellent!
Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.