Welcome to our comprehensive guide on Fringe Benefits Tax (FBT). Navigating the intricacies of FBT can be a complex task, and that's why we've curated a collection of insightful blog articles and guides to help you. Our dynamic resources are continuously updated with the latest information and legislative changes.
Whether you're a business owner, HR professional, or someone seeking clarity on FBT matters, our goal is to provide valuable insights that empower you to navigate this aspect of taxation with confidence. Explore the articles and stay informed about FBT updates that impact your financial landscape.
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
On 31 March, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.
A car fringe benefit commonly arises when an employer makes a car they own or lease available for the private use of an employee.
The Australian Government is revising tax incentives for electric vehicles, including phasing out Fringe Benefits Tax (FBT) exemptions for plug-in hybrid electric vehicles (PHEVs). Businesses providing these vehicles to employees must understand the impact of these changes and take necessary steps before the deadline.
Granting employees’ access to company cars is treated by the ATO as a ‘non-cash benefit’, more commonly referred to as a fringe benefit.
Why should you lodge an FBT return where no FBT is payable? Well, for the simple reason that it turns on a three-year deadline for the ATO to commence audit activities. This is a NEW ATO rule as a result of massive deficits due to COVID. The ATO need to gain more funds somehow...FBT liability is one of the methods.
