From autotalk.com.au: BMW Group Australia dealerships now offer novated leasing services through a partnership with salary packaging provider Smart, enabling customers to complete the entire leasing process on-site.… read more
From bdo.com.au: A checklist aids in assessing risks related to work-from-home expenses, vehicle benefits, and entertainment provisions.
This can assist organisations to meet FBT compliance obligations and avoid penalties.… read more
From hlb.com.au: Employers are exempt from paying FBT on eligible electric vehicles provided for private use to employees under specific conditions, including that the vehicle must be a zero or low emissions type and first used after July 1, 2022.… read more
From www.pwc.com.au: The exponential growth of AI has transformed workforce management, offering tax professionals innovative tools to improve compliance efficiency, particularly in preparing FBT returns.… read more
From www.pwc.com.au: FBT can be complex for Not-For-Profit organizations, with exemptions available for those classified as ‘exempt organizations’ or ‘rebatable employers.’
Exempt organizations, such as registered public benevolent institutions and health promotion charities, can provide benefits up to specified capping thresholds without incurring FBT, while rebatable employers may claim a rebate on their FBT liability.… read more
From www.pwc.com.au: Employers providing car parking to employees must be aware of potential Fringe Benefits Tax (FBT) implications for the 2025 FBT year, particularly concerning the valuation and calculation of car parking fringe benefits.… read more
From www.pwc.com.au: Employers providing car parking facilities to employees may be subject to Fringe Benefits Tax in 2025 if specific conditions are met, including proximity to a commercial parking station that charges over $10.77 per day.… read more
From au.andersen.com: This guide provides comprehensive information about FBT compliance, including year-end procedures, record keeping, identifying benefits, changes, exemptions, and the role of technology.
It also offers insights into the ATO’s increased audit activities and updates to FBT rates, exemptions, and regulatory requirements for the 2025 tax year.… read more
From www.pwc.com.au: Employers need to review vehicle arrangements for the 2025 Fringe Benefits Tax (FBT) year, particularly regarding the sunsetting of the exemption for plug-in hybrid electric vehicles (PHEVs) after March 31, 2025.… read more
From www.pwc.com.au: The Federal Court ruled in favor of the Toowoomba Regional Council, determining that its car park facility was not classified as a “commercial parking station” under fringe benefits tax (FBT) law, as it was not operated for profit.… read more
From www.pwc.com.au: The 2025 Fringe Benefits Tax year introduces alternative record-keeping methods for employers, lessening the burden of maintaining travel diaries and declarations for employees.… read more
From bdo.com.au: The update provides insights into the 2025 Fringe Benefits Tax amendments, the challenges faced by non-profit organizations due to FBT exemptions, franking credits, and effective investment management strategies for NFPs.… read more
From www.pwc.com.au: Loan fringe benefits occur when an employer provides a loan to an employee at a reduced interest rate or no interest, which is assessed based on the difference between the statutory and actual interest rates.… read more
From www.pwc.com.au: Employers must prepare for the 2025 Fringe Benefit Tax return, which includes new record-keeping requirements from April 1, 2024.
These changes allow some employers to substitute employee declarations with existing corporate records to ease compliance burdens for certain benefits.… read more
From bdo.com.au: BDO advocates for changes to the FBT law that would allow Non-profit organizations (NFPs) to benefit from tax exemptions on entertainment.
The proposal addresses the erosion of FBT exemption and the unchanged capping thresholds, while acknowledging the unique challenges and needs of NFPs.… read more