Among other things, the ATO regularly matches vehicle registration information against company and business tax files. If you own a vehicle in your business then you are at risk of being targeted for a Fringe Benefits Tax enquiry or audit.
The FBT year runs from 1 April to 31 March 2015, so now is a good time to consider how the FBT rules may affect you. Where an Employer provides a non-cash benefit (ie. use of a motor vehicle) to an employee (including an Owner of the business who is a Director) FBT applies to the value of that benefit at the FBT rate of 49%.
If you provide vehicles to your staff or director(s) or provide other fringe benefits then FBT may apply to you and you should give us a call on (07) 5439 1600 to discuss your possible liability. Or CLICK HERE to make an appointment with one of our qualified advisors.