Fringe Benefit Tax

Fringe Benefits Tax (FBT) obligations – Motor Vehicles

The Australian Taxation Office's ongoing focus is identifying employers that may have an FBT obligation.

‍

It is important to record for each vehicle:

• The odometer reading as at 31 March
• The odometer reading at both purchase and disposal.

‍

You must also maintain for each vehicle:

• A detailed log book;
• Purchase, sale and finance contracts;
• Registration, insurance, maintenance, fuel and other running cost tax invoices.