The ATO has advised employers that 'FBT time' is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations.
Employers need to ensure they have attended to the following matters this FBT time:
Furthermore, the ATO has released PCG 2024/2 which provides a short cut method to help work out the cost of charging electric vehicles ('EV') at an employee's home for FBT purposes.
Eligible employers can choose to use either the EV home charging rate of 4.2 cents per kilometre or the actual cost.
Ultimately, all employers need to make sure they understand their FBT obligations and the records they need to keep to avoid an FBT liability. See our article here for FBT tax trips this year.
If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.
Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.
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Liability Limited by a scheme approved under Professional Standards Legislation.