Fringe Benefit Tax

On the 31st March 2024 the current fringe benefits tax year will come to an end.  You will need to note down and advise us of your closing kilometres on any business owned/used vehicles and disclose any private usage of the vehicles or other business assets on the attached form.

In cases where an entity has a number of employees or motor vehicles you may be considered an ATO audit target so it's important to track any private usage of business assets or benefits provided and make sure that all log books etc. are relevant and up to date.  It is critical to ensure that you have the correct supporting documentation for any claims.

Read more here: Fringe Benefit Tax