Jan 10 2014
Motor Vehicle Odometer Readings
We are presently engaged in a communication programme with employees who salary package a Motor Vehicle to obtain current odometer readings. This is to assist us to identify any customers that may not be on track and encourage individuals to manage their driving to minimise any impact of Fringe Benefits Tax.
A final odometer reading as at March 31 will be required by early April to finalise FBT Reports. We may seek your support in actively contacting any employees that have not made a submission as this deadline draws closer.
ATO Changes to Statutory Rates for Motor Vehicles
As a result of the Federal Government’s Henry Tax Review announcement in 2011, the 2014-15 FBT year will see the end of the old Statutory Rate brackets that apply to distances travelled.
This means that all motor vehicle leases entered into after 20th May 2011 will be charged FBT at the Statutory Rate of 20% regardless of distance travelled from 1 April 2015.