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We are coming up to the end of the FBT year (31 March) and it important this year to consider the Fringe Benefits implications for your clients.
We have noticed a significant increase in the level of FBT audit activity by the ATO based upon data being provided to them around vehicle purchases and disposals. This year, we will provide our Client Managers with a short FBT questionnaire to be completed after the end of March. The purpose of this will be to make sure we have enough information to ascertain the Fringe Benefits consequences for the 2014 financial year.
In the meantime, we recommend the following actions to ensure you have accurate data:
If you begin this process now, it will make the questionnaire simple and allow us to make the right decisions and comply with the ATO requirements regarding FBT much easier.
