What’s new in this FBT year?
From 1 April 2024 (FBT year ended 31 March 2025), for certain benefits, employers will have a choice to use existing records in place of statutory evidentiary documents, such as travel dairies or employee declaration.
The Fringe Benefits Tax year ends on 31 March each year, and payment of any necessary FBT is due by 21 May. Eligible benefits (greater than $2000) that are paid must be recorded on employees’ Income Statement for the income year ending 30 June of the same year. Employees who have these benefits reported on their payment summary will not be directly liable for additional income tax, but it may affect their Medicare surcharge liability or child support payments (if applicable). Where related parties, for example, a husband and wife, have both had use of a fringe benefit, care needs to be exercised in determining to whom the fringe benefit should be allocated.
Plug-in hybrid electric vehicles – 1 April 2025 onwards
From 1 April 2025, a plug-in hybrid electric vehicle is no longer a type of vehicle that is eligible for the electric car exemption under FBT law.
For expert advice regarding your Fringe Benefits Tax liability, please contact our team of experienced tax accountants at The Quinn Group by submitting an online enquiry form or calling us on 1300 QUINNS or +61 2 9223 9166 to arrange a teleconference or appointment.
