ATO scrutinising novated leases (April 2024 Tax Update)

Relevant For:

Employers and employees utilising novated leases.

Key Points:
  • The ATO's data matching program on novated leases runs through 2023–2026, initially started in 2021, enhancing compliance oversight.
  • Data from key fleet groups like McMillian Shakespeare and Toyota Fleet Management, among others, pinpoints around 240,000 affected individuals annually.
  • This initiative targets GST credit misclaims by employers and incorrect FBT compliance, alongside employee tax deduction errors related to vehicle expenses.

Full Article:

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