Get that Monkey Off Your Back Each Year
FBT time is just around the corner,
folks! With the tick-tock of the clock reminding us, it’s crucial to stay on top of your fringe benefits tax (FBT) obligations.
No one likes surprises, especially when they come from the ATO, right?
So, here's your no-sweat guide to keeping things smooth with the taxman:
Know Your FBT Liability
Ever played "Hot Potato"? Well, consider FBT that potato.
Toss it the right way by identifying if fringe benefits have been in your game from 1 April 2023 to 31 March 2024. Did you provide your team with a company car, or maybe some sweet gadgets?
That's FBT territory. Make sure to lodge your FBT return and settle any dues by 21 May, turning potential heat into a cool breeze. Find out the specific details here.
"To be prepared is half the victory,"
Miguel de Cervantes once penned. Preparation means having all your ducks—or should we say benefits—in a row, and ensuring you're not on the audit radar.
No Filing? Give ATO the Heads Up
No FBT liabilities? You're not off the hook just yet.
Like RSVPing to a party, you still need to inform the ATO. This courtesy call can save you from a search party later.
It's simple: see how to notify them here and consider yourself RSVP'd for compliance.
Record-Keeping Made Simple
Let's cut the clutter! Starting 1 April, the ATO says "Keep what you have." That's right, no more frantic search for receipts or logs.
Use your existing records for those fringe benefits. Interested in knowing exactly what records can stay put? Take a look at the guidelines.
Charge Up Without the Stress
If EVs are parked in your lot, the ATO's new guideline is your ticket to stress-free charging. Choose between a flat rate of 4.2 cents per kilometer or the actual cost to calculate the fringe benefit for charging electric vehicles at home.
Curious about which method revs up your engine? Plug into the details here.
Understand to Stand Above
Your mantra:
Know thy FBT duties. Keep records like they’re treasure maps leading to gold.
Because honestly, they kind of are. Those maps guard against FBT liabilities, keeping your treasure chest of earnings safe from audits.
Remember, this is your shot to make things right and dodge the audit bullet. Get in touch with your tax professional, who can be your MVP in handling your tax and super obligations.
Book a chat with our business strategist to get a sales free and no obligation, consultation:👇 https://bit.ly/45VxTrt 👈👈
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For the nitty-gritty details, anchor at the ATO's FBT page or Guide for Employers
And remember, in the wise words of Benjamin Franklin,
“An investment in knowledge pays the best interest.”
Investing time in understanding your FBT now can save you a world of hassle later.
Here's to making your tax time a breeze!
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