Time To Check That Odometer Reading!

Feb 12, 2014 | Business, ITR

Adam Roberts
With the end of the Fringe Benefits Tax (FBT) year rapidly approaching, the time has come to check the odometer readings for all vehicles held within associated entities. This odometer reading must be documented for each vehicle, as at 31 March 2014 (this Monday).

The process of recording these odometer readings is particularly important for vehicles used predominantly for private purposes. By obtaining the odometer reading, we will be able to utilise the statutory formula method. This may assist in reducing your Fringe Benefits Tax obligation, by either reducing the FBT payable or the Employee Contribution required. Given that the 2014 FBT year is the final year in which we can access the transitional statutory fractions, it has never been more important to obtain this reading.

Your LBW representative will be sending a form to you shortly in respect of the vehicles held within your associated entities at 30 June 2013. It is important that the form is completed fully and that any new vehicles, or vehicles disposed of since 1 July 2013, are fully disclosed. For those who have purchased a vehicle since 1 July 2013 for the first time, please ensure that you document this odometer reading, as we will be requesting this information from you.

Please contact your LBW representative if you require clarification on the above matter.

Related insights

Federal Budget 2021/2022

Federal Budget 2021/2022

The video features Troy Smith, IOOF Senior Technical and Regulatory Change Manager, and provides clients with a high-level overview of the proposed changes referring them to the Client Summary Fact Sheet for more information. Federal Budget 2021 Fact Sheet...

read more
Federal Budget 2020

Federal Budget 2020

The Treasurer Josh Frydenburg released his 2nd budget as Treasurer on Tuesday night (5 months late) with a mantra on JOBS, JOBS and more JOBS plus business spending which they hope will create even more JOBS.  We have JobKeeper and JobSeeker already – budget...

read more
2020 GBEA Winners

2020 GBEA Winners

READ ALL ABOUT IT! Geelong Indy has a massive 24 pages full of GBEA winners, previous winners and sponsors. Well deserved winner Sea All Dolphin Swims on the front. Grab a copy now or find it online https://geelongindy.com.au/digital-editions/

read more

Subscribe for the latest news + updates

Get in touch to explore your opportunities with an LBW expert and discover your journey to a better financial future.