The end of the FBT year

Yesterday I briefly considered posting on the (semi neglected) IQ Facebook page.  If I was a really dorky accountant I would have wished everyone a Happy New Fringe Benefits year but of course, being the super cool accountant that I am – I refrained.  Plus I was worried everyone would think it was an April Fools Joke and then the joke really would have been on me.

Late last year, the ATO announced a data matching program where they use data to identify potential FBT obligations associated with motor vehicles.  The ATO has specifically stated that the program targets compliance in the FBT area which is why careful completion of the declarations we will be sending out next week is recommended.  The ATO have said that the most common problems they are finding in their review are employers failing to record private use and keep documentation.  The FBT declarations that are being sent next week address both of these area.

This office will take the information that you provide on the FBT declaration and calculate any potential FBT liability.  If an FBT return is required, we will contact you to advise. Alternatively, this information will be used for tax planning and during the preparation of your 2013 tax returns.  If you have a company or trust owned vehicle and do not receive a declaration, please contact the office.

Lastly, apologies for the test post yesterday – minor technical failure by me.

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