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
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