FBT Reminder – Odometer Reading
Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.
.
This reading is one of the annual requirements of the logbook method of fringe benefits calculations for the Fringe Benefits Tax period ending 31st March 2024.
If you are not sure if you have an obligation, it will only take a few minutes, so just do it!
Remember also that there are quite a few types of FBT and that FBT law includes various categories of fringe benefits and specific valuation rules for each category. The list below outlines what needs to be considered.
You may need to pay FBT even if the benefit is provided to an associate of your employee or by a third party under an arrangement with you.
Benefits that attract FBT are:
- Car fringe benefits
- Car Leasing fringe benefits
- Car parking fringe benefits
- Entertainment and fringe benefits
- Expense payment fringe benefits
- Loan fringe benefits
- Debt waiver fringe benefits
- Housing fringe benefits
- Board fringe benefits
- Living away from home allowance fringe benefits
- Property fringe benefits (including property, goods or shares)
- Residual fringe benefits (benefits not covered by the above categories)
A new consideration is the employee contribution to home electricity for an electric only vehicle.
Hot Issues
- ATO reveals small business hit list to combat tax debt
- What are the FBT implications of Employee Christmas Parties and Gifts?
- Assess a business before you buy it
- Christmas Parties and Taxi Fare/Rideshare – FBT implications.
- Practitioners cautioned on ATO’s top target areas for GST
- ATO to target growing businesses in latest compliance blitz
- Our SG compliance results are here
- Top 20 Most Watched Christmas Movies ever - pre covid
- A Unique Advent Calendar
- Businesses ghosting the ATO targeted in debt collection blitz
- Claiming the tax-free threshold: getting it right
- Aussies tired of ‘dodgy tax criminals’, warns ATO
- Protect your small business by following these essential steps.
- Super guarantee a focus area for ATO business debt collection
- Controversial ‘Airbnb tax’ set to become law
- Withholding for foreign residents: an ATO focus area
- 1 in 3 crypto owners confused about tax, study reveals
- 20 Years of Silicon Valley Trends: 2004 - 2024 Insights
- ATO reveals common rental property errors from data-matching program
- New SMSF expense rules: what you need to know
- Government releases details on luxury car tax changes
- Treasurer unveils design details for payday super
- 6 steps to create a mentally healthy and vibrant workplace
- What are the government’s intentions with negative gearing?
- Small business decries ‘unfair’ payday super changes
- The Leaders Who Refused to Step Down 1939 - 2024
- Time for a superannuation check-up?
- Scam alert: fake ASIC branding on social media
What our clients say about us