The Treasury Laws Amendment (Electric Car Discount) Bill 2022 received Royal Assent on 12 December 2022. This legislation provides for an exemption from Fringe Benefits Tax (FBT) for benefits pertaining to electric cars. Limited guidance has been provided by the ATO to date however it has been indicated that further guidance will be released once the Bill has been enacted.
As small businesses around Australia celebrate Christmas, it is useful to remember the FBT implications when providing staff gifts and hosting parties in the lead up to Christmas. Read more on the implications of Christmas parties and gifts here.
There is an exciting new opportunity for businesses looking to export to new markets, with expertise available at no cost. Read more about the Launch U Trade Accelerator program and how you may be able to utilise this free program to explore export opportunity.
It’s getting closer to the time that FBT returns need to be lodged, so it’s important to understand that there may be a change to the FBT liability of your business when it comes to one employee benefit, car parking. Read more about the change to FBT here.