Fringe Benefits Tax

Leveraging Fringe Benefits: Navigating Work-Related Item Exemptions for Maximum Advantage

By Wen Wen / March 19, 2024

The most cost-efficient benefit an employer can give an employee is one that is both deductible for income tax purposes and exempt from Fringe Benefits Tax (FBT).   One such type of benefit is the ‘work-related item’ FBT exemption.   Like all concessions, there are some requirements that must be met to take advantage of it. What […]

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FBT Exemption For Electric Vehicles

By Wen Wen / April 11, 2023

With car fringe benefits one of the most common benefits provided by employers to employees, a new ATO fact sheet shines more light on the FBT exemption for electric vehicles.  Understanding the FBT Exemption for electric vehicles To recap, in the October 2022 Federal Budget, the government announced that it would exempt from FBT the […]

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FBT Compliance: How Car Logbooks Keep You on the Right Road

By Wen Wen / March 14, 2023

With the end of the FBT year approaching, are your car logbooks in order? The operating cost method is used by many employers to calculate their car FBT liability. This method is particularly effective where the business use of the vehicle is high.  Keeping a logbook is essential to use the operating cost method. How […]

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fbt year-end checklist 2022

FBT Year-End Checklist 2022 

By Wen Wen / April 11, 2022

General checklist to prepare the FBT return March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid […]

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covid test expenses are tax deductible and fbt free

Federal Government To Make Covid Tests Tax Deductible And FBT Free

By Wen Wen / February 14, 2022

Work-related Covid test expenses are tax deductible The Federal Government has announced that COVID‑19 tests (including Polymerase Chain Reaction and Rapid Antigen Tests) are tax deductible for hard‑working Australians, and exempt from fringe benefit tax for businesses, where they are purchased for work‑related purposes. The change will take effect starting the tax year 2021-2022 This […]

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FBT tips to celebrate a tax-free Christmas party with employees

FBT Tips for Christmas

By Wen Wen / November 11, 2019

Plan your tax for the holiday season too Employers know that popping a champagne cork or two to celebrate the festive season lets staff know their efforts are appreciated and the well-prepared business owner will also know that a little tax planning can help ensure that it’s not the business that ends up with the […]

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