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 […]
FBT Exemption For Electric Vehicles Read More »
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
FBT Year-End Checklist 2022 Read More »
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
Federal Government To Make Covid Tests Tax Deductible And FBT Free Read More »
FBT Elements that can attract ATO’s attention As the FBT year runs from 1 April to 31 March, the months of October to December marks the “third quarter” of the FBT year, and so here is an overview of the FBT elements that can attract the ATO’s attention. This can be a timely period for
Three-Quarter FBT Year Compliance Check-Up Read More »
The work Christmas party Christmas is just around the corner and most businesses have started planning their Christmas party. One of the perennial questions is if and how fringe benefits tax applies to these activities. There is no separate fringe benefits tax (FBT) category for Christmas parties and you may encounter many different circumstances when
Fringe Benefits Tax Implications On Christmas Parties Read More »
The ATO’s big FBT concerns The end of FBT year (March 31, 2018) is nearing and that is why the ATO has made public the fringe benefits tax issues to help taxpayers get things right. ATO’s FBT concerns include these red flags The ATO says these behaviours and characteristics tend to raise red flags and
Fringe Benefit Tax Red Flags (And How To Avoid Waving Them At The ATO) Read More »