FBT

2021 Fringe Benefits Tax Update

Whilst some aspects of life transition to a new “COVID-normal”, the Australian Taxation Office (ATO) continues to highlight its understanding of how COVID-19 is impacting business, and communicate some of the changes and administrative concessions relevant to employers for the Fringe Benefits Tax (FBT) year ending 31 March 2021 and beyond.  

Motor vehicles and 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. Record keeping requirements in this area are strict, therefore, we believe it is a good opportunity for us to detail or remind you of your record keeping requirements under this method.

Tips for the FBT year end - car fringe benefits

With the Fringe Benefits Tax (FBT) year ending on 31 March 2021, here are a few issues in relation to car fringe benefits to look out for during the 2020-21 FBT year.

COVID-19 and Fringe Benefits Tax

As a result of COVID-19 and changed working conditions, employers may be providing benefits to employees that are not usually provided in a ‘normal’ year. Fringe benefits tax (FBT) may be applicable if you provide benefits in addition to salary and wages. There are exemptions and concessions available that can reduce (or eliminate) the amount of FBT you pay that are outlined in this article.

COVID-19 and Fringe Benefits Tax

As a result of COVID-19 and changed working conditions, employers may be providing benefits to employees that are not usually provided in a ‘normal’ year. Fringe benefits tax (FBT) may be applicable if you provide benefits in addition to salary and wages. There are exemptions and concessions available that can reduce (or eliminate) the amount of FBT you pay that are outlined in this article.

Ringing in the New (FBT) Year

April marked a new Fringe Benefits Tax (FBT) year – and with the new year comes new rules and rates that apply to your business if you take advantage of fringe benefits for your employees.