Now the next 'season' is upon us ... no, not Easter (yet) ... FBT Season!
Perrier Ryan • February 26, 2025
FBT reporting is due soon - get ready to take your Odometer reading on 31 March 2025
Fringe Benefit Tax (FBT) is a tax paid by employers on certain benefits provided to their employees (or to their employees' family or other associates). FBT is separate to income tax and it's calculated on the taxable value of the fringe benefit.
There are different types of fringe benefits, a few typical examples (as listed by the ATO) include:
- allowing an employee to use a work car for private purposes (therefore an odometer reading is needed);
- car parking
- paying an employee's gym membership
The FBT year is 1 April to 31 March. On 31 March, in order to accurately account for any motor vehicle use, remember to take the odometer reading for this year's FBT year.
We will send reminders leading up to 31 March. In the weeks after that, expect to receive our annual FBT Questionnaire.
From 1 July 2027 new laws will require companies to provide director IDs to ASIC when updating company details
Banks under pressure from ASIC after a recent review of Mortgage Offset accounts
The Federal Budget introduced several significant tax proposals which may impact the taxation of your investments and the structure you use to conduct your business or hold assets
unsolicited annual company review and business name registration notices being sent to companies - please ignore but contact us
Intuit QuickbooksOnline (QBO) - upgrading all customers to Open Banking Bank Feeds
An evening where guests heard insightful commentary on topics such as wealth creation & tax planning
