With the FBT year coming to an end, the ATO reminds registered agents to prepare for FBT lodgments:
Request an FBT client list to check their clients are listed and who needs to lodge.
Add new clients to their FBT client list by 21 May 2024 to ensure their clients are covered by the agent’s lodgment program.
Submit an FBT non-lodgment advice form if they have clients who don’t need to lodge an FBT return.
The due date to both lodge and pay is:
25 June 2024 if an agent lodges an FBT return electronically through the practitioner lodgment service.
21 May 2024 if an agent lodges an FBT return by paper.
Agents can share info with their clients to help them understand their obligations. The FBT resources for 2024 are now available on our website for members. From the Taxation page, click on 2024 year end tax resources and log in to access the FBT resources.
FBT cents per kilometre rates for 2024-25
The cents per kilometre rates (with effect from 1 April 2024) for calculating the taxable value of a fringe benefit arising in the 2024-25 FBT year from the private use of a motor vehicle (other than a car) per TD 2024/1:
vehicles with an engine capacity of up to 2,500cc - 66 cents/km.
vehicles with an engine capacity of over 2,500cc - 77 cents/km.
motorcycles - 19 cents/km.
FBT LAFHA — reasonable amounts for meals for 2024-25 FBT year
The ATO released TD 2024/2 (with effect from 1 April 2024) for the weekly amounts it considers reasonable for food and drink expenses incurred by employees receiving a living-away-from-home allowance fringe benefit for the 2024-25 FBT year (ie starting 1 April 2024).