FBT 2024

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Important FBT issues FBT exemption for electric cars To encourage the adoption of no or low emissions vehicles, the Government introduced a concession to make these vehicles FBT-free when provided to […]

The Fringe Benefits Tax traps

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) on private use. The […]

The Christmas Tax Dilemma

Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.  1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result in a gift […]

How does tax apply to Electric cars?

Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle there […]

FBT 2023

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. Important FBT issues FBT Exemption for Electric Cars Electric cars represent a small but growing proportion of the new car market in Australia. To encourage Australians to make the shift, the Government has passed legislation that […]

FBT Free Electric Cars

We explore who can access the concession and how. Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV registrations between 2020 and 2021. Making EVs FBT-free is just the first step in the Government’s plan to […]

FBT 2022

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Assistance and benefits provided due to COVID-19 Motor vehicle problem areas Mismatched FBT and income tax amounts Business assets personally used by owners and staff Not lodging FBT returns Salary sacrifice […]