As employers prepare 2021/22 FBT returns it is normal practice to simultaneously prepare Reportable Fringe Benefits data attributable to individual employees. Some timely reminders as you go about this task: only where an employee has the requisite more than $2,000 in taxable value of Reportable Fringe Benefits (pre gross up at 1.8868) does an amount …
Reportable Fringe Benefits – preparing to report Read More »
At our recent TaxEd FBT Roadshow, the treatment of electric vehicles was regularly raised. In particular people wanted to confirm how electric cars are treated for FBT purposes. In short, for now at least, electric cars are treated as per others cars for FBT purposes. The FBT definition or a ‘car’ is taken from section …
Question If an employee, who has full private use of a one tonne vehicle and who is required to carry bulky items (e.g. ladder, tools etc,) travels to various sites directly from his home, including during out of hours and on weekends, would those trips be eligible for home to work business travel? The various …
Every year we are asked some tricky questions during the FBT Roadshow series that require one to take a deep breath and think……’why didn’t I become a carpenter like I wanted to when I was a kid rather than an FBT specialist!’. One such question was the operation of the car/motor vehicle ‘workhorse’ exemption where …
FBT ‘workhorse’ exemption – can it apply on a part-year basis? Read More »
Question An employee mistakenly used our corporate credit card to pay for private holiday accommodation instead of using his own personal credit card. It was agreed for the employee to repay the amount on an interest-free basis. The employee requested if repayments could be made by way of monthly instalments over the next 11 months. …
We issued a TaxEd Special Edition on 1 April 2022 (see here) drawing attention to the fact the car parking FBT rules may be changing again. Yes, again. On 29 March 2022 the Assistant Treasurer Hon. Michael Sukkar MP issued a press release entitled Consultation on car parking fringe benefits. Its fair to say the …
The FBT car parking rules may be changing …. again!! Read More »
Question An employee purchased a portable electronic device in March 2021 (the prior FBT year). However, we did not reimburse her until the 2022 FBT year. Can we apply the section 58X exemption in the 2022 FBT year? Answer The provision that exempts certain work-related items – section 58X of the FBT Act – reads …
The exemptions under sections 8(2) and 47(6) of the FBT Act apply where there is no private use of the vehicle during the year of tax and at a time when the benefit was provided other than: – work-related travel of the employee: and – other private use by the employee or an associate of the …
Employee work related car expense deductions and employer cents per KM reimbursements The ATO has released draft legislative instrument LI 2022/D8 setting the cents per KM rate commencing 1 July 2022 at $0.75 per KM (the current rate is $0.72 per KM for the period ending 30 June 2022). It is important to note that …
Question One of our employees is provided with a fully maintained work 1 tonne or more load carrying vehicle. The employee commutes from home to work each day in this vehicle and parks at a commercial parking station within which we have some dedicated leased bays. Are we liable for FBT on this parking arrangement? …
