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. […]
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New legislation will make zero or low emission vehicles FBT-free. 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
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The Fringe Benefits Tax (FBT) year ended on 31 March and for those providing benefits to employees it is now time to prepare the FBT return and calculate amounts that need to be included on employees’ income statements. A few of the hot spots for employers and employees are outlined below. Important FBT issues
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