Remunerator News

Jan 9 2014

Motor Vehicle Odometer Readings

If you package a Motor Vehicle, it is essential that you provide us with up to date odometer readings. This is to assist us to identify if you are not on track and advise you of the travel that is required to minimise any impact of Fringe Benefits Tax.

Any FBT due on your Motor Vehicle is finalised on the 31st March with your closing odometer reading. If you have not achieved your nominated statutory bracket a liability may be due.

Lodging your reading is quick and easy via our smartphone apps or your vehicle dashboard at www.remunerator.com.au/login

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 phasing out 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.