2024 FBT Year – Ends 31 March 2024

This is a timely reminder to capture Odometer Readings at 31 March 2024 for any motor vehicles that are under the Operating Cost method for Fringe Benefits Tax (FBT).

In relation to the Operating Cost method, the ATO have updated their guidance to clarify that the Operating Cost method can be used to calculate the car fringe benefit even without a logbook, or if the logbook is invalid.

In this situation the business use percentage will default to nil however this may still result in a lower FBT liability than the statutory formula method.

We will be sending out FBT Questionnaires to clients shortly and we will provide more FBT updates in our next newsletter.

The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.

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