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2024 FBT: What you need to know

Date: 24 April 2024

The FBT year ended on the 31 March 2024 and there are a few things that need to be completed to ensure that your business meets all the obligations. The due dates this year for lodgement and payment are:

  • 21 May 2024 for employers and tax agents who lodge by paper, or
  • 25 June 2024 for tax agents who lodge electronically

Do I have an obligation to FBT?

You may obligated to pay FBT if you provide any of the below:

  • A motor vehicle (owned or leased) has been provided to an employee
  • Any expenses have been paid on behalf of an employee, these also include reimbursements of a private expense
  • Any loans made to an employee, these include an advance of money, provision of credit, overpayment of salary or a debt that becomes due but remains unpaid
  • Any forgiven debts that are owed by an employee
  • Providing any form of entertainment to an employee such as restaurant meals, parties, prizes, alcohol etc.
  • Providing housing to an employee which is the employee’s usual place of residence
  • Providing accommodation and/or meals to an employee as a result of an employee’s entitlement under an industrial award or an employment agreement
  • Providing car parking facilities to employees including on-site parking
  • Paying an allowance to any employee as compensation for living away from home
  • Providing free or discounted air travel on a stand-by basis to an employee
  • Providing goods or other property to an employee for free or at a discount
  • Providing other types of benefits that are not listed above

If you would like to discuss your FBT obligations, please contact our friendly team at any of our offices.

FBT updates and problem areas in 2024

The key issues for employers this FBT year are mentioned below and more information can be found here.

  • FBT exemption for electric cars
  • Car parking benefits
  • Mismatched information for entertainment claimed as a deduction and what is reported for FBT purposes
  • Incorrect classification of vehicles as cars
  • Business assets personally used by owners and staff
  • Employee contributions for FBT purposes and salary sacrifice
  • Travelling or living away from home
  • Alternative records
  • Not keeping appropriate records, i.e. logbooks for motor vehicles

If you think you might fall into one of these areas and need additional assistance, please contact us in any of our offices.

Start today

To get in touch with our team, start by emailing us at enquiries@rm.net.au

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