With the end of the financial year approaching the ATO has released its hit list of what will be attracting their attention in the 2018 year.
On this list is Fringe Benefits Tax so we thought it would be a good time to reach out to you and discuss this topic as the FBT year has just ended.
If your business has provided yourself, your family members or employees with any of the below items or services it is possible that you may have a fringe benefit issue.
All employee declarations also need to be received by you before the 21st May 2018 even if your Fringe Benefits Tax return will be Nil.
The above list is not exhaustive, so if you have provided anything of value to your employees other than salary and wages there could be Fringe Benefits Tax associated with this.
A major benefit that the ATO is looking at is motor vehicles, as they data match information when new cars are acquired by businesses. In particular the ATO will be looking at:
If you believe any of the issues addressed above may affect you, please contact your Ulton Advisor as soon as possible to discuss.