Tradies, don't get hit with Fringe Benefits Tax!

Driving a ute or work truck? Think you’re exempt from Fringe Benefits Tax? Think again.

Any vehicle private use that is not merely from home to work or back will create an FBT liability.

You’ll need a 12 week vehicle log book and either FBT registration or an adjustment to your business accounts that will increase profit and thus tax.

To avoid this, you’ll need to garage your ute at home and drive another car for personal trips!

For the tax nerds amongst us, check out miscellaneous tax ruling MT 2024 about dual cab vehicles eligibility for the FBT exemption for work use only

Also check out miscellaneous tax ruling MT 2027 about the definition of private use and the FBT exemption for travel from home to work.

Want help ensuring your FBT is minimised? Get in Contact with us Today.