TCC 40 - Ute Dream & Tax Schemes

There is a general misunderstanding about work vehicles, such as dual cab utes, having an exemption from Fringe Benefits Tax. The ATO is looking very closely at the actual use, particularly trips that have a wholly private purpose such as towing the caravan or going to the footy on the weekend. So, if you're cruising around in your dual-cab with the family on board every weekend, you might be looking at some hefty tax bills for your employer, or yourself if you are an employee of your own business! This episode discusses the traps with these 'work vehicles' and what you need to consider to reduce the potential tax problem.