FBT Updates: Plug-in Hybrid Exemption and Easier Record Keeping
If you’re a business that provides staff with benefits – like work cars or travel – there are two important Fringe Benefits Tax (FBT) changes to be aware of:
- Simplified record keeping
You can now use your regular business records instead of separate declarations or travel diaries for some types of benefits – as long as they contain the right details. - Electric vehicle changes
The exemption for plug-in hybrid electric vehicles ends on 1 April 2025, unless the car was already being used under a binding agreement before that date.
If you’ve provided staff with fringe benefits this year (the FBT year ended 31/3/2025), you may need to lodge an FBT return. If you’re unsure and need help navigating these new FBT rules, give our team a call on 1800 618 800 or email admin@simmonslivingstone.com.au. We’ll make sure you’ve got the right records and the right approach.
