Are You Ready For FBT?

The FBT year wound up on the 31st of March and it’s time to get organised for lodgements. Make sure you’re ready by going through our FBT checklist. Now is also a great time to get yourself organised for next years FBT.


FBT Checklist

 Ask for odometer readings from employees on the 31st of March.

 Keep a logbook for most cars. Use of the car will be taxed at 100% private use if one is not provided. (see here to find out if your vehicle is exempt)

 Ask for receipts from employees toward costs of benefits you have provided, such as car washes, repairs & fuel.

 Look through your ledger and see if there are any benefits you haven’t yet identified.

 Ask employees for otherwise tax deductable declarations. (eg. Benefits your employees would be entitled to claim as an income tax)

 Ask employees for living away from home declarations

 Make sure you make & keep any required elections


Get Organised for Next Year

FBT can sneak up on us and the best way to deal with it is to think about next years FBT now. Creating systems to use throughout the year will make collecting documentation less of a hassle and help you save tax. Here are some ways you can make FBT easier:

 It’s a good idea to review your salary sacrifice arrangements for the following FBT year now.

 If you use the statutory method of calculating a vehicles taxable fringe benefit value, check your kilometres in early March. If you’re near a threshold, organising a couple of trips could save you on tax. Put a note in your diary now so you remember.

 Make sure you have a system in place for employers to fill our log books when using company cars. An easy way to keep log books is through phone apps. (We recommend this one)

 Gather receipts from employees for benefits regularly throughout the year and store them together.




The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.