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Three-quarter FBT year compliance check- up

As the FBT year runs from 1 April to 31 March, the months of October to December mark the "third quarter" of the FBT year, and so, as an early fix before year's end, here is an overview of the FBT elements that can attract the ATO's attention. This can be a timely period for a compliance check-up, so that employers who provide fringe benefits to staff can have better assurance they are not going to be tapped on the shoulder. This may still leave time for a fix-up (if possible) before the FBT year winds up, but certainly might help steer you clear of obstacles for the next FBT year. Read more in our November Newsletter

Crowdfunding and tax

Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or help-your-neighbour initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed capital, and is no longer regarded as the shy little sister of venture capitalism. Some quite serious money can be raised through crowdfunding, using internet platforms, mail-order subscriptions, benefit events and other methods to find supporters and raise funds for a project or venture. And when these efforts are put in place, the ATO is more likely than not to take an interest and will generally be on the lookout to make sure any tax obli

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