FBT Reminder – Odometer Reading

Closeup Dashboard Of Mileage Car

Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles

Closeup Dashboard Of Mileage Car

This reading is one of the annual requirements of the logbook method of fringe benefits calculations for the Fringe Benefits Tax period ending 31 st March 2023

If you are not sure if you have an obligation, it will only take a few minutes, so just do it! Remember also that there are quite a few types of FBT and that FBT law includes various
categories of fringe benefits and specific valuation rules for each category. The list below outlines what needs to be considered.

You may need to pay FBT even if the benefit is provided to an associate of your employee or by a third party under an arrangement with you.

Benefits that attract FBT are:
Car fringe benefits
Car Leasing fringe benefits
Car parking fringe benefits
Entertainment and fringe benefits
Expense payment fringe benefits
Loan fringe benefits
Debt waiver fringe benefits
Housing fringe benefits
Board fringe benefits
Living away from home allowance fringe benefits
Property fringe benefits (including property, goods or shares)
Residual fringe benefits (benefits not covered by the above categories)

A fringe benefits tax checklist



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Coutts Redington
First and foremost, we’re accountants. But we like to think of ourselves as a lot more. We work closely alongside business owners to bring more clarity, direction, and support, improving elements of your life beyond just the business. And, with our firm’s history in the Townsville area going back to the 1950s, we’re an established part of the local business community. We take that responsibility seriously.

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