As the Fringe Benefits Tax (FBT) year-end approaches (31 March), it’s again time to consider all the benefits you have provided to your employees during the FBT year. In this article, we will focus on car fringe benefits and some common misconceptions out there in relation to FBT exemptions.
 

Consider the Fringe Benefits Tax issues associated with providing staff gifts and parties in the lead up to Christmas.

Treasury Laws Amendment (Electric Car Discount) Bill 2022 was introduced which proposes to make the provision of zero or low emissions vehicles exempt from fringe benefits tax (FBT).
 

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.

As the festive season draws closer, we would like to remind businesses of the fringe benefits tax issues associated with this time of year.
 

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.
 

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.

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.

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.

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.

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.