As we approach the end of the financial year, small business owners must stay vigilant regarding two significant ATO developments: a new lifeline for transport costs and a strict crackdown on “exempt” vehicles.’
Fuel Crisis Payment Plan:
With global fuel prices increasing, the ATO has launched a streamlined Fuel Response payment plan. If your business is struggling with high fuel overheads, you can now access three-year payment plans with equal monthly instalments and no upfront cost. Better yet, the ATO may remit the General Interest Charge (GIC) if you maintain your schedule—a massive win given that tax debt interest is no longer tax-deductible.
Fringe Benefits Tax (FBT) Ute Alert:
The FBT year ended on 31 March, and the ATO is now using AI-driven data matching to target dual-cab Utes. Many owners mistakenly believe these vehicles are automatically exempt. However:
- The ATO is cross-referencing logbooks against fuel claims and bank transactions.
- Private use must be strictly “minor and infrequent” to maintain exemption.
- The ATO is targeting cases where logbooks do not match real-time digital footprints.
If you have concerns about your ATO debt or FBT obligations, please contact Waterford Accountants.