Fringe Benefits Tax & Odometer Readings - There Are Two Deadlines

by Malcolm Diefenbach

If you have a car that is used for business, and is claimed under either the actual business usage method (log book) or the one-third running costs method, you need to provide us with your odometer reading as at 30 June each year. This is required to enable usage of that particular method to substantiate your deduction claim.

However, if you have a company or trust that owns or leases a car, you also need to record and to provide us the car odometer reading as at 31 March each year.
This is due to a different financial year applying for fringe benefits provided (private usage of the car is treated as a fringe benefit).

If you have need assistance meeting your reporting obligations for your business vehicle, please contact Malcolm Diefenbach at Malcolm.diefenbach@schuhgroup.com.au or call Malcolm on 07 5482 2855 at our office.