Fringe Benefit Tax (FBT) applies to benefits to your employees that are additional to their salary or wage, such as personal use of a company vehicle.
Make sure you have your records in order, to take advantage of exemptions that might reduce your tax bill.
The Fringe Benefit year is 1 April to 31 March. In order to accurately account for your motor vehicle use, remember to take an odometer reading for the FBT period ending March 31st.
FBT lodgement and payment is due 21 May (or 25th June for electronic lodgements through us, as your tax agent).
The material and contents provided in this article are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.