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 …
FBT and electric vehicles – how does it work? Read More »
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 »
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 »
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