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Recent Banks Group News

FBT & Christmas Parties

January 7, 2015

With the Festive Season well and truly upon us, it is worthwhile having a refresher of the Fringe Benefits Tax (FBT) implications of holding Christmas Parties. The provision of a Christmas Party for¬†employees will be subject to FBT unless the¬†Christmas …

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Novation of luxury car leases

Where an employee novates the lease relating to a luxury car (i.e. a car costing more than $57,466) to their employer as part of a salary packaging arrangement, Division 242 of the Income Tax Assessment Act will be applicable for …

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The risk of engaging independent contractors exposed again!

In another timely reminder of the risks of treating individuals as independent contractors, the ATO has issued ATO interpretative decision ID 2014/28 outlining its view of the status of particular pizza deliverers. In the decision, the ATO concluded that the …

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Banks Group is an association of independent firms that operate in both Melbourne and Sydney under the same trading name. Neither the Melbourne Banks Group firm or the Sydney Banks Group firm are partners or agents of each other and shall not be liable for any act or omission of each other.