Have you taken an Odometer Reading for FBT?

Fringe Benefit Tax (FBT) applies to benefits to your employees that are additional to their salary or wage, such as personal use of a company vehicle.

Remember – you may very well be these employees we are referring to if your business runs through a company or trust and owns your business motor vehicle!

Make sure you have your records in order, to take advantage of exemptions that might reduce your tax bill. We also recommend keeping a logbook for 12 weeks so that we can ascertain your business use and minimise if:

– you haven’t already kept a log book,

– haven’t kept a logbook in the last 5 years; or

– your pattern of usage has changed

The Fringe Benefit year is 1 April to 31 March. In order to accurately account for your motor vehicle use, remember to take an odometer reading for the FBT period ending March 31st.

FBT lodgement and payment is due 21 May (or 25th June for electronic lodgements through us, as your tax agent).

Let Us Help

An accountant is someone you should be able to get an appointment with without waiting for weeks, responds to your calls and emails the same day and most importantly, is someone you have a good relationship with and can trust. I guarantee that you will not be waiting months for your work to be completed and will work with you to ensure any delays are dealt with in an efficient and cost-effective manner. I also understand that you want to know how much it’s going to cost to get your work completed so will always advise you of the fee before starting any work. No surprises or fee shock!

If you would like to arrange a time to have a chat please feel free to book a time or make contact via the Contact Us page of the website. You can also send me an email to tina@runningthenumbers.com.au.

We look forward to working with you.