Car Parking Fringe Benefits – changes to consider before 1 April 2022
The Australian Taxation Office (ATO) released a Taxation Ruling (TR) 2021/2 which considers when a parking station is considered a commercial car parking station for the purposes of Fringe Benefits Tax (FBT) provisions.
Logbook Requirements
In most cases, having a valid car logbook is beneficial for both claiming a personal tax return deduction for work related travel cost using your own car, and calculating the taxable value of a car fringe benefit, when the car is provided by an employer.
FBT and Car Fringe Benefits
With the Fringe Benefits Tax (FBT) year ending on 31 March, here are a few issues in relation to car fringe benefits to look out for during the coming FBT year.
Incentivising key employees and retaining talent
Forward thinking businesses understand that retaining key loyal staff, especially in the current environment is critical to business survival and igniting growth, but how do you keep staff happy in such difficult trading conditions?