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Motor Vehicle Fringe Benefits and Adjustments

For those private tax paying entities including companies and trusts, it’s often easier and more convenient to recognise motor vehicle benefits taken by related-parties via accounting adjustment than via reporting and lodging fringe benefit tax returns.
 
To record a benefit, first calculate the benefit and then pass a journal entry, recognising the benefit as revenue and the benefit taken as a debit in the director’s or beneficiaries’ loan account. Be sure to consider GST if the entity is registered.
 
Learn more about Car fringe benefits tax (FBT) guide for small business with this ATO guidance.
 
Calculate your car fringe benefit with this Car Fringe Benefit Calculator provided by the ATO.
 
LodgeIT does provide a Fringe Benefit Tax form if you have arms length. Learn how to prepare a Fringe Benefit Tax Form on LodgeiT.

Andrew Noble

Accountant, Technologist & Futurist

SBR Partner

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Subject: Simplifying Our Tax Lodgement Process with LodgeiT

Hi [Book Keeper’s Name],

I hope this email finds you well. I recently came across a free to use software solution called LodgeiT I would like you to look into.

It is an online AUS based platform that integrates with accounting software and automates company tax lodgement processes, reducing the time and effort required to prepare and submit tax returns to free up resources to focus on other business activities.

You pay $120+GST when the company tax return is lodged once a year, however the program is free to use, saving us money on accounting fees.

Can you please look into this further and see if you believe it would be beneficial to our organisation?

This link has all the details (https://lodgeit.net.au/small-businesses/)

Thank you for your attention to this matter, and I look forward to reviewing your findings.

Best regards,

[Your Name]