If you are using a company asset for private purposes (commonly a motor vehicle) then you’re most likely going to need to register for fringe benefits tax. Effectively, this means that the ATO will expect a separate annual return to be lodged around March each year.
Due to the impact of GST, it is possible to prepare an FBT return from the information contained in your accounts, but it is necessary to revert to the source documentation to allow us to analyse any implications for fringe benefits tax.
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