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Month: August 2024

Warning: FBT turbulence ahead

Australian Taxation Office, Employee Expenses, Gifts, Policy, Travel
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I regularly get asked the same questions, such as:

Is my Single Cab Ute / Double Cab Ute exempt from FBT? (probably not)
Is my car (that I use 100% for business) subject to FBT? (probably)
Do I need a Logbook? (highly recommended)
How many times can I claim the Minor Benefit Exemption? (fingers, no toes)
Are my coffee catch ups subject to FBT? (let’s grab a coffee, prefer beer, and discuss)
How do we work out if our car parking is subject to FBT? (we can help you)
Should we / our clients register for FBT? (highly recommended)
Do the ATO audit FBT? (yes they do) 

One question that I get asked now and again (I guess you could say if flies a little under the radar – excuse the pun) is: Are my frequent flyer points subject to FBT or Income Tax?
The answer is: It Depends.
– How have you earned the points?
– Has there been or is there an arrangement in place?
– How can you use the points?
– How have you used the points?
– Have you read the ATO guidance?
Understanding how your employees might be earning points and how they (or mates or relatives) can use the points is a good starting point. Having a written policy is probably the next step. Or as they say in the industry – stay buckled up and always follow the crew instructions, just in case there’s some FBT turbulence ahead!
FBT points turbulence frequentflyer pointyend flyingflat

Aussie can fly business for free for rest of life

news.com.au

What’s low hanging fruit got to do with FBT?

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The ATO are targeting the low hanging fruit!

Low hanging fruit = Employers who are not registered for FBT, but who own / lease Motor Vehicles.

We have been helping a number of “low hanging fruit” employers navigate FBT Audits. The results are not good.

If you have not maintained Logbooks, then FBT is payable based on 20% of the Cost of the vehicle.

The grossed up value of the vehicle fringe benefit is also reportable on the employees Income Statement.

If you are in business, own or lease motor vehicles and not registered for FBT, then you are on the ATO’s radar.

If you have any concerns or would like to discuss, please contact me on 02 8114 4421 or email paul.mather@fbtsolutions.com.au

2025 FBT Return Preparation Workshops – registration opening soon

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Check out the schedule for our 2025 FBT Return Preparation Workshops. Australia, we’ve got you covered with 8 Full Day Face to Face Workshops and 2 Full Day Online Workshops, plus a Bonus Salary Packaging Webinar for all registrants.

1.Sydney: Tuesday 4 March 2025, Hilton Hotel – 488 George Street

2.ONLINE: Thursday 6 March 2025, At Your Computer

3.Parramatta: Tuesday 11 March 2025, Novotel – 350 Church Street

4.Canberra: Thursday 13 March 2025, Novotel – 65 Northbourne Ave

5.Brisbane: Tuesday 18 March 2025, Brisbane Hilton Hotel – 190 Elizabeth Street

6.Melbourne: Thursday 20 March 2025, Marriott Hotel – Corner Exhibition &, Lonsdale Streets

7.Perth: Tuesday 25 March 2025, Parmelia Hilton Hotel – 14 Mill Street

8.Adelaide: Thursday 27 March 2025, Adelaide Hilton Hotel – 233 Victoria Square

9.Sydney: Tuesday 1 April 2025, Hilton Hotel – 488 George Street

10.ONLINE: Thursday 3 April 2025, At Your Computer

Registration Opening Soon with First Release Tickets….