fbt

Small business car parking FBT exemption

A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for

[ Read More ]

Novated leases and claiming car expenses

Consider the following scenario.Novated leases and claiming car expenses Susan is a senior executive at XYZ Pty Ltd (XYZ). She is occasionally required to travel to regional areas to perform her duties. Susan received a vehicle under a full novated lease as part of her total remuneration package. XYZ’s policy is that any FBT liability

[ Read More ]

Is that benefit caught by Division 7A or FBT?

A common occurrence, particularly in family companies, is the provision of benefits to shareholders of a company in which those same shareholders are also directors of the company. The question will then arise; is that payment caught by Division 7A or FBT? As a general rule, a fringe benefit arises if the company provides a

[ Read More ]

Small business car parking FBT exemption

A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for

[ Read More ]

Changes to employee FBT declaration forms

With the due date for FBT returns prepared by tax agents looming (the deadline is June 25 if lodging electronically), the ATO has released updated versions of five employee declaration forms for the 2016-17 FBT year. Changes to employee FBT declaration forms These updated forms reflect changes to the FBT laws that took effect on

[ Read More ]