Category: Uncategorized

In episode 43, the FBT changes also include tests for purchase date and the right car engine to remain eligible for the exemption. Selection and resale are getting complicated.

FBT electric vehicle exemption has two tests. The exemption applies to a car benefit only if the earliest purchase date time when a person both held and used the car was at or after the start of 1 July 2022.

Source: para. 1:16 in the EM to the Treasury Laws Amendment (Electric Car Discount) Bill 2022 has an example of held and used after 1 July 2022.

If Zena acquires an electric car on 1 April 2022 and makes that car available for the private use of her employee Jack, to provide car fringe benefits from that date for four years. The benefits provided from 1 July 2022 will not be exempt. Additionally, if Zena were to instead sell the car to another employer after Jack had used it for two years (i.e. on 1 April 2024) the benefit that employer may provide to its employees for the use of the electric car will also not be exempt.

Also, electric vehicles and associated car expenses has a variation. A home charging station is not a car expense associated with providing a car fringe benefit for electric cars.

That home charging expense may need to be considered by the accountants as either a property fringe benefit or an expense payment fringe benefit. Other benefits of running the eligible car including benefits provided under a salary packaging arrangement are included in the exemption.

The ATO webpage ‘’Fringe benefits tax – Electric cars exemption ‘’ (QC71132) has more information.

Regeneration is our commitment.

Are you enjoying our cartoons? Save time and grab some cheeky characters for your updates and newsletters here.

We hope you’re enjoying our The ESG Tickler jottings, just a note though. The information provided here is intended for general informational and educational purposes only. While we aim for accuracy, we can’t guarantee that this content will apply to your specific situation—everyone’s circumstances are unique.

The ESG Tickler is not a substitute for personalized advice from a qualified accountant, tax advisor, or any other professional. If you have questions specific to your individual circumstances, we strongly recommend consulting a professional for tailored advice.

In episode 42, the team discuss business decisions and how best to manage poor inputs into major service. planning. Because within your business decision elements, every choice will produce results. What factor do you bring for the future?

Whether it is the one that delivers true value to your business is the one that looks at how far it reaches across your goals. That reach may need definitions for boundary placement.

Predicting business decisions in advance

Whether (pun intended) or not your decision for your sales or new business plan forecast is likely to contribute to you reaching your goals is a careful evaluation.

Accounting is shaped by the consideration of many different views. So, take the time to review the downsides meaningfully.

Being close to the action helps forecasts. Why? The most powerful models render themselves useless when they ignore the eyes on the ground.

Accounting helps value symptoms and provides a guide to your root cause plans. Because when you reach out to your accountants; they will often help you identify the root cause.

Your forecasts affect many budgets, resource allocations, timeframes, quality and customer satisfaction. So, communicating your thoughts with the decisions and the substance and reasoning value will bring everyone up to a consistent level of understanding.

Are you enjoying our cartoons? Save time and grab some cheeky characters or easy to use blank formats for your updates and newsletters here.

We hope you’re enjoying our The ESG Tickler jottings, just a note though. The information provided here is intended for general informational and educational purposes only. While we aim for accuracy, we can’t guarantee that this content will apply to your specific situation—everyone’s circumstances are unique.

The ESG Tickler is not a substitute for personalized advice from a qualified accountant, tax advisor, or any other professional. If you have questions specific to your individual circumstances, we strongly recommend consulting a professional for tailored advice.

In episode 41, the upcoming FBT changes to electric vehicles begin to raise chatter. Many in the business are affected.

Electric vehicles are described as zero or low emissions vehicles. But what is the definition of a hybrid and how do those FBT changes affect existing salary packages?

What is a zero or low emissions vehicle? A zero or low emissions vehicle, which is eligible for the FBT exemption, is defined as:

(a) a battery electric vehicle, or

(b) a hydrogen fuel cell electric vehicle, or

(c) a plug-in hybrid electric vehicle and this exemption is to end 31 March 2025.

However, the exemption will continue to apply if the use of the vehicle was exempt before that date, and there is a financially binding commitment to continue providing private use of the vehicle from that date.

The objective of the exemption is to encourage a greater take up of electric cars.

Regeneration is our commitment.

Are you enjoying our cartoons? Save time and grab some cheeky characters for your updates and newsletters here.

We hope you’re enjoying our The ESG Tickler jottings, just a note though. The information provided here is intended for general informational and educational purposes only. While we aim for accuracy, we can’t guarantee that this content will apply to your specific situation—everyone’s circumstances are unique.

The ESG Tickler is not a substitute for personalized advice from a qualified accountant, tax advisor, or any other professional. If you have questions specific to your individual circumstances, we strongly recommend consulting a professional for tailored advice.

Decarbonisation is a broad term. It looks at many different ways everyone can alter actions to reduce emissions. How can this term be actioned?

Carbon in and carbon out measurement is in the realm of science. By taking an accounting approach to the inputs and outputs of your space a peaceful sanctuary can be achieved.

Whether you like a raw, rustic look, clean and clear, or a high gloss finish. By trusting your instincts on what you like, you can see ways to reduce your carbon output.

There is always something in the mix and by including everyone in the understanding of your goals. Capturing and putting carbon back in its place becomes an imaginative and achievable goal.

Ways to get started include.

• Compile a list of the plants and trees in your immediate environment.
• Research their carbon storage by reviewing online calculators.
• Check your energy bill.
• List your appliances.
• List your carbon layers.

Global decarbonisation starts with focus. Accounting helps you get there.

We hope you’re enjoying our Illum jottings, just a note though. The information provided here is intended for general informational and educational purposes only. While we aim for accuracy, we can’t guarantee that this content will apply to your specific situation—everyone’s circumstances are unique.

Illum’s is not a substitute for personalized advice from a qualified accountant, tax advisor, or any other professional. If you have questions specific to your individual circumstances, we strongly recommend consulting a professional for tailored advice.

In episode 39, the upcoming end of the FBT year and changes to HR salary packaging affect the business.

Electric vehicles and the FBT packaging treatment of them, is about to change. The team must begin to consider their salary packages, investor reporting and management reporting to budget.

On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was enacted to provide an FBT exemption in respect of eligible electric vehicles. The exemption retrospectively applies to eligible car benefits provided from 1 July 2022.

The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and to reduce Australia’s carbon emissions from the transport sector.

Regeneration is our commitment.

Are you enjoying our cartoons? Save time and grab some cheeky characters for your updates and newsletters here.

We hope you’re enjoying our The ESG Tickler jottings, just a note though. The information provided here is intended for general informational and educational purposes only. While we aim for accuracy, we can’t guarantee that this content will apply to your specific situation—everyone’s circumstances are unique.

The ESG Tickler is not a substitute for personalized advice from a qualified accountant, tax advisor, or any other professional. If you have questions specific to your individual circumstances, we strongly recommend consulting a professional for tailored advice.

In episode 37, the whole business braces itself for two significant impacts.

They are about to start exploring novel ways to meet the budget goals live and operate in a light-touch way.

Thinking about a solution from what they have learned so far. Discovering a way to achieve it without hurting and keeping those in charge happy.

Regeneration – that’s our commitment.