Car Fringe Benefits
Could you be receiving correspondence from the ATO?
During the month of November the ATO will be writing to taxpayers who have cars registered in their business name and have not lodged a fringe benefits tax return.
A car fringe benefit occurs when a business owns or leases a car and makes it available for their employees' private travel. Don't forget, business directors are also employees.
Private use of a company car includes:
- employees using the car for private travel, such as travel between work and home
- garaging the car at or near an employees' home and making it available for private use – even if the car is not used by the employee.
Click here or contact your WDF team member for further information.