Now is the right time
There has never been a better time to engage with your clients (and new clients) in relation to FBT. The ATO want Tax Practitioners to engage with their clients on FBT.
Some startling facts that highlight the risk for Small Business Employers – and the opportunity for Tax Practitioners:
- There are 900,000 active employers in Australia – 80% have tax practitioners, 12% (108,000) are registered for FBT, 50% (54,000) are small business
- 180,000 active employers are not supported by a tax practitioner
- 792,000 active employers are not FBT registered – most, if not all, are small business – failure to register means there is no ATO FBT audit time limit
The facts don’t lie. The ATO want to remove the registration / compliance blockers that exist for Small Business Employers and their Tax Practitioners.
When an Employer owns or leases, even a small number of motor vehicles (and has not considered FBT previously), the FBT liability exposure can quickly run in to tens of thousands dollars or even hundreds of thousands dollars over multiple FBT years – plus penalties, interest and FTL. We are seeing ATO FBT Auditors requiring FBT Returns to be lodged going back 3 to 4 years.
Find out more about getting your “Practice Certificate in FBT Services” (“PC in FBT”) by clicking here: PRACTICE CERTIFICATE IN FBT SERVICES