Business FBT Toolkit

FBT

Fringe Benefits Tax is an area of increased ATO audit activity, not to mention it’s notoriously complex. Not getting it right can be costly so we’ve put together a number of resources to help you finalise your accounts for this current FBT year, and reset for the new FBT year refreshed with the latest updates from the ATO. 

31 March? Don’t forget to record your odometer reading

Odometer readings need to be recorded as at 31 March each year for all motor vehicles supplied by an employer i.e. a company, trust or partnership etc, to an employee including a director or trustee.  No odometer record is required as at 31 March for vehicles owned by self-employed persons or by employees in their own right.
If you’re a client of O’Connells OBM, you can submit your odometer reading online HERE or if you’re looking for a handy template you can use, download a declaration to print and complete HERE. 

Your FBT Coding Cheat Sheet

Inconsistency with categorising and coding expenses that could be subject to FBT is an area we see many clients grapple with, and it can cause issues with reporting or lead to rework and double handling. We’ve created an entertainment coding guide that you can use to update your chart of accounts, and cross check against for confidence that you’re putting the right items in the right bucket.
Complete your details below to download a copy of the guide.

With a new FBT year starting on 1 April it’s a great opportunity to review your regular expenses, update your chart of accounts using this guide, and update any bank rules or automations in your accounting platform. Taking some time now to set your self up will save you time and potential FBT headaches down the road.

Make light work of your FBT coding – enter your details to download our Entertainment Coding Guide.

FBT Hotspot? Anything to do with cars!

The rules relating to Fringe Benefits Tax and motor vehicles is complex, so if you’re considering purchasing or providing a vehicle for your employees to use, or you plan to use a business vehicle yourself, it’s important that you understand the FBT implications before making any decisions. We’ve put together a general overview of how the ATO treats vehicles provided to your employees, but if you are considering purchasing or providing a vehicle through the business we strongly encourage you to contact us to discuss your situation and the impact it may have on your FBT obligations.

Enter your details below to download the Cars & Utes FBT Fact Sheet

Could it be an exempt benefit?

There are a number of benefits you may supply to your team that are exempt from FBT. These benefits can provide a cost-effective way for you to reward and motivate your team members. 

Common benefits that may be exempt from FBT include laptops, membership fees, and even car parking in some situations. 

Download a list of common exempt benefits using the form below.

Watch the webinar – Tips for FBT time

Our Associate Director and in-house FBT expert Chris Osborne hosted a webinar recently (March 2023) where he unpacked FBT fundamentals and highlighted key areas to be aware of, ATO hot points you might need to take a closer look at, and how to set up your Xero / General Ledger file to accurately capture and code your FBT expenses.

If you weren’t able to join us live you can watch a recording of the session below. Have any questions about what Chris covered? Feel free to contact us, or you can click here to contact your client manager directly to discuss your situation. 

The articles, templates, and media posted on this blog do not give business, accounting, taxation or financial planning advice and should not be relied upon as such. The articles are intended to provide information in a summary form and are general in nature. Formal business, accounting, taxation or financial planning advice should be sought in particular matters. O’Connells OBM Pty Ltd accepts no liability in respect of this information and any person acting solely on the information contained within does so entirely at their own risk.