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.
The rush toward end of financial year is on us - here are a couple of important things to consider at this time: Maximise your Super One key opportunity in your superannuation strategy is to make the most of your Concessional Contributions - but get them in before 23 June 2025 to ensure they're processed in time. Another valuable opportunity is the carry-forward contributions - remembering that unused cap amounts from the 2019-2020 FY will expire after 30 June 2025 - so this is your last chance to use them. Take Advantage of the $20,000 instant asset write-off before 30 June 2025 If you're a small business owner, now is the time to consider investing in new equipment or assets. The $20,000 instant asset write-off has been extended for the 2024–25 financial year — but it expires on 30 June 2025 and there is currently no confirmed extension beyond this date. This applies to assets that are first used or installed ready for use between 1 July 2024 and 30 June 2025. For more, see our attached information , or, call the office - 3391 7566
Calculating WFH Deductions - a summary
Did you know about the Scan function in Notes on your iPhone?
If ever you need to recover your Director ID number, here are some instructions to assist with that
Effective 7 March 2025, Perrier Ryan General Insurance portfolio was sold to Benjamin & Benjamin Insurance Group
TAX UPDATE: Temporary increase to the instant asset write off (IAWO) threshold extended to FY2025
