TAX ALERT
Beware the FBT trap – the myth surrounding FBT ‘exempt’ cars
Recent government initiatives expanding the instant asset write off (‘IAWO’) measure by increasing the threshold to $150,000 and extending the measure to 31 December 2020 combined with the temporary full expensing of depreciating assets measure (‘TFEDA’) which applies from budget night to 30 June 2022 has arguably contributed to a dramatic increase in car sales in Australia.
 
According to data released by the Federal Chamber of Automotive Industries (‘FCAI’) car sales in Australia increased in January 2021 by 11.1% from the February 2021 with the private buyer market was up by 25.4%.
 
For further information
If you have any questions or require further information surrounding FBT, contact your local RSM tax adviser today.
 
 
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2021 Fringe Benefits Tax – Tips and traps for the new normal
The 2021 Fringe Benefits Tax (“FBT”) year is expected to be different from other years for a large number of employers.
 
Client and staff functions have been replaced with zoom calls, and staff changed from working mainly in the office to working from home. The ATO has addressed this new normal, and the need to ensure a safe environment for employees and have put in place various concessions for FBT.
 
 
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