Small businesses: don’t forget your FBT concessions
If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you may need to pay.
Even if your business was not considered a “small business entity” a few years ago, it may be worth a reassessment, because the turnover threshold has recently changed, and will soon increase once more.
Carparking could be exempt if the benefit is not in a commercial carpark.
The second exemption relates to work-related devices. Small businesses can provide their employees with multiple work-related portable electronic devices that have substantially identical functions in the same FBT year, with all devices being exempt from FBT.