An ATO FBT audit can be as painful as removing a tooth, or make that three teeth. When they come knocking its best to have your house in order.
The first step should be to actually do an FBT return. Sounds logical but many companies are not registered for FBT, so they never do a return and therefore can allow the ATO unlimited time to investigate and bring up a bill. Your ‘amendment period’ starts from the day you lodge the FBT return, so at least get some certainty back by lodging something.
Expect to be queried on:
- the business/private use of all the company cars
- copies of all your fleet or leased car agreements
- invoices for any items that looks private in your accounts
- evidence of anything that looks anything like entertainment
- depending on your industry, they will have a specific hitlist of common mistakes, be they loan fringe benefits, motor vehicle or many others
Not just lodging – but reducing FBT risk. That’s where we can help. Contact us today.