11th April 2023 | Tax
Stay up to date with the latest Fringe Benefits Tax.
Changes to FBT record keeping
The government will give the Commissioner of Taxation the power to let employers use existing corporate records instead of employee declarations and other records for their FBT returns. This change will start after the legislation gets the royal assent and will not apply for the FBT year ending 31 March 2023.
Exemption for the private use of electric vehicles
Starting on July 1st, 2022, employers won’t have to pay FBT on eligible electric cars and their associated expenses. To qualify for the exemption, the electric car must have zero or low emissions, be held and used for the first time on or after July 1st, 2022, be used by a current employee or their family member, and not be subject to luxury car tax.
To read about recent events and changes affecting fringe benefits tax (FBT) Go to the ATO website. Click here
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