As soon as your team start taking the company car home at night, use it to travel to and from work, use it on weekends, or generally use it for their own purposes, then FBT will apply.
Even if the team member doesn't actually use the car on weekends and it stays in their garage, the fact that it is available for their use would generally mean that FBT applies. Similarly, if the place of business is the same as your place of work, fringe benefits tax generally applies.
FBT also generally applies to road tolls paid by the business and incurred by team members travelling to and from work, or when travelling for private purposes.
The ATO has recently announced a new data-matching program for high value vehicles. We presume they are trying to identify luxury vehicles within business where no FBT has been declared on their use.
For more information, please contact us on 02 9957 4033 or email our team.
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Last updated April 2013. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.