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.
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)
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:
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.
- Related articles:
- What Counts as a Fringe Benefit?