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!
hashtag#FBT hashtag#points hashtag#turbulence hashtag#frequentflyer hashtag#pointyend hashtag#flyingflat
Aussie can fly business for free for rest of life news.com.au
