Practice Update – April 2023

Xperion

New 15% super tax to apply from 1 July 2025 The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation.  The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year). The main takeaways from the information provided thus far include the following:     The additional 15% tax will…  Read more

Electric cars Fringe Benefits Tax (FBT) Exemptions

Xperion

With the FBT year coming to an end, this question pop ups a lot – what is FBT exemption for electric cars and how does it work? Essentially, from 1 July 2022 employers aren’t liable for FBT on eligible electric cars and associated car expenses. What are the basis rules for making your electric car FBT exempt? Car is a zero or low emissions vehicle This covers battery electric vehicle…  Read more