The ATO has updated its list of ‘What attracts our attention’, with six items that specifically relate to fringe benefits tax (‘FBT’), as follows:
• Failing to report motor vehicle fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits.
• Incorrectly calculating car parking fringe benefits due to:
– significantly discounting market valuations;
– using non-commercial parking rates; or
– parking rates not being supported by adequate evidence.
• Mismatches between the amount reported as an employee contribution on an FBT return compared to the income amounts on an employer’s tax return.
• Claiming entertainment expenses as a deduction but not correctly reporting them as a fringe benefit, or incorrectly classifying entertainment expenses as sponsorship or advertising.
• Not reporting fringe benefits on business assets that are provided for the personal enjoyment of employees or associates.
• Not lodging FBT returns (or lodging them late) to delay or avoid payment of tax.
PLUS ADDITIONAL FBT NEWS: Record-keeping exemption threshold
The exemption threshold for the FBT year commencing 1 April 2019 is $8,714 (up from the amount of $8,552 that applied in the previous year).
Find out more about our Taxation Consultation services or contact our team today on (08) 9392 7600.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
Recent Posts
Archives
- April 2024
- March 2024
- February 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- December 2019
- November 2019
- October 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- February 2019
Recent Comments