FBT Reminder – Odometer Reading
Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.
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This reading is one of the annual requirements of the logbook method of fringe benefits calculations for the Fringe Benefits Tax period ending 31st March 2024.
If you are not sure if you have an obligation, it will only take a few minutes, so just do it!
Remember also that there are quite a few types of FBT and that FBT law includes various categories of fringe benefits and specific valuation rules for each category. The list below outlines what needs to be considered.
You may need to pay FBT even if the benefit is provided to an associate of your employee or by a third party under an arrangement with you.
Benefits that attract FBT are:
- Car fringe benefits
- Car Leasing fringe benefits
- Car parking fringe benefits
- Entertainment and fringe benefits
- Expense payment fringe benefits
- Loan fringe benefits
- Debt waiver fringe benefits
- Housing fringe benefits
- Board fringe benefits
- Living away from home allowance fringe benefits
- Property fringe benefits (including property, goods or shares)
- Residual fringe benefits (benefits not covered by the above categories)
A new consideration is the employee contribution to home electricity for an electric only vehicle.