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Hot Issues
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
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Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
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Australia's vital statistics
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FBT Reminder – Odometer Reading
Our website is really our digital office.
‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
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Employee travel expense deductions
The Goldilocks effect - Economic and market update 4Q 17
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Australia. All you need to know to be the expert.
Business confidence hits 5-month high: NAB
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FBT Reminder – Odometer Reading

 

Anybody who has a FBT obligation should take an odometer reading of motor vehicles.



       


 


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 2017.


Remember also that there are quite a few types of FBT and that Fringe Benefits Tax (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 will 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 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)

 


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