Fringe Benefits Tax

  • The Fringe Benefit Tax traps

    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. The exemption applies to the…

    Taxation | Fringe Benefits Tax
  • Bah humbug: The Christmas tax dilemma

    Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.  1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result in a gift to the ATO at a…

    Taxation
  • End of the FBT year fast approaching

    The Fringe Benefits Tax (FBT) year ends on 31 March 2023. If you operate a business, we’ll be in contact with you shortly to work out whether or not your business needs to be registered for FBT (if you are not already) and start collecting the information to work out your FBT liability (if any). We’ll look at the detail…

    Taxation | Fringe Benefits Tax
  • Avoiding the FBT Christmas Grinch!

    It’s that time of year again – what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax effective Christmas season: Tax & Christmas For GST registered businesses (not tax exempt) that are not using the 50-50 split method for…

    Taxation | Fringe Benefits Tax
  • FBT-free Electric Cars

    New legislation before Parliament, if enacted, 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 FBT-free is…

    Business Advisory | Taxation | Fringe Benefits Tax