WebGet the most accurate information to minimise your FBT claims. Providing employees with a company vehicle is now very common in Australia and is considered a perk of the job. However, it does come at a cost. If your business provides work vehicles to employees for private use – then it is liable for Fringe Benefits Tax (FBT). WebDec 20, 2024 · The FBT legislation contains an exemption for car expenses that are attributable to the provision of a car fringe benefit. This ensures there is no double-up on the application of FBT over several categories …
Fringe Benefits Tax exemption to save electric car drivers …
WebWith the Electric Car Discount however, a novated lease on an eligible EV is FBT exempt, meaning you don’t pay any post-tax contributions – for EVs retailing up to the Luxury Car Tax threshold of $84,916. ... Public charging solutions are available across Australia. The Electric Vehicle Council’s website lists all available charging ... Web15,000 X 5 = 75,000kms /35000 = 2.14 sets of tyres X $850 per set = $1,819/5 years = $363.80 per year. Maintenance. Most cars need a service every 10,000 to 15,000km and the cost of this service depends on the type of vehicle you choose. However EV’s in general require less serving so we have set an allocation of $350 per year. brined turkey time chart
Car fringe benefits tax (FBT) guide for small business
WebMar 22, 2024 · According to data released by the Federal Chamber of Automotive Industries (FCAI) car sales in Australia increased in January 2024 by 11.1% from February 2024 … WebFeb 20, 2024 · Since a logbook has not been maintained, the employer is required to use the statutory method to value the car fringe benefit. The value of the benefit is $16,000 ($80,000 x 20%) and the FBT payable on the benefit is $15,643. Example – logbook maintained ABC Pty Ltd provides a vehicle costing $80,000 to an employee during the … WebYour employee's limited private use of a ute, van or other eligible vehicle may be exempt from FBT. Electric cars exemption. From 1 July 2024 employers do not pay FBT on … can you play dc universe online with friends