Fringe Benefit Tax

‍Fringe Benefits Tax (FBT) obligations – Motor Vehicles

If you own a motor vehicle inside your business, you need to record the odometer readings as at 31 March.
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It is important to record for each vehicle:

• The odometer reading as at 31 March; and
• The odometer reading at both purchase and disposal.

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You must also maintain for each vehicle:

• A detailed logbook (generally valid for 5 years).
• Purchase, sale, and finance documents.
• Tax invoices for registration, insurance, maintenance, fuel, and other running costs.

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This does not mean you will need to pay Fringe Benefits Tax, however, we need to prepare the appropriate paperwork and declarations where necessary.

Any benefit (other than salary, wages, bonuses or super) you provide to an employee (including yourself) is likely be caught under FBT legislation. That does not mean you have to pay Fringe Benefits Tax, it just means we need to ensure we have all the correct paperwork & supporting documents in order!

If you provide mobile phones to staff, please provide us a list of the staff members and mobile numbers - we need to do declarations for these.

Other benefits we need to discuss will include - Work Christmas Parties, Corporate Boxes at events, car parking, loans, employee lunches / dinners, alcohol & Friday night drinks.