loading

FBT Motor Vehicle Exemption Changes

Fringe Benefit tax (FBT) is a tax paid by employers for benefits given to an employee in for of Salary
package. If you are a director of a company or trust, benefits you receive may be subject to FBT. FBT
year runs from 1 April to 31 March. There will be a change of method. Prescriptive method to apply
instead of objective test by entities who provide the employees with motor vehicles which are not
cars.
The private use of a motor vehicle is exempt from FBT if required conditions are met. Eligible Vehicle
is exempt from FBT if private use of the vehicle is less and irregular, law will not change in that case.
Draft practical compliance guideline is released by ATO and when finalised, it will take effect for 30
March 2018 FBT year.

For more information, please contact Business Mantra team at 08 92423555 or visit our website
www.businessmantra.com.au

Source: ATO and CCH

Related Post

2022-23 Federal Budget Highlights

30 March 2022

Your monthly activity statement (BAS) is due on the 21st

10 February 2022

E-invoicing protects you against invoice fraud

02 February 2022

Login Account

Already a Rubnio Customer?

Invaild email address.

6 or more characters, letters and numbers. Must contain at least one number.

Your information will nerver be shared with any third party.