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Does your business’s car get used for private purposes?
During November 2018 the Australian Taxation Office (ATO) will be writing to businesses that have cars registered in their name and have not lodged a Fringe Benefits Tax (FBT) Return.
Business owners need to be aware of their obligations and that a fringe benefit arises when a car registered in a business is available for private use.
Private use includes:
- Employees (including directors) use the car for private travel between work and home.
- Garaging the car at or near the employees’ home and making it available for private use. Note that the car does not actually have to be used it only has to be available.
If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
Phone +61 3 9428 1062
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