Sunshine Coast Region, Queensland
Business Accountant in Caloundra
An electric car for a staff member, and records that last longer than the car
FBT, record keeping and business compliance for Caloundra employers and business owners, from a CPA practice.
The Queensland Tourism Industry Council named Caloundra the 2023 Queensland Top Tourism Town. The wider town had 96,305 residents in the 2021 census, and in the suburb of Caloundra itself, Aged Care Residential Services, Cafes and Restaurants and Accommodation were the largest industries of employment.
Caloundra, the town
From the 1883 land sale to a tourism award.
The first allotments of land in Caloundra were advertised for public auction on 28 August 1883, and the council chambers had moved to the town by 1968. Kings Beach is the main beach, the Caloundra Lighthouses and the Kings Beach Bathing Pavilion are heritage-listed, and the town marks the coastal northern extent of the Moreton Bay Marine Park.
Three things for Caloundra employers
An electric car as a staff benefit
Why it happens
A business provides a car to an employee, who also uses it privately.
Why it matters
The FBT electric cars exemption covers a zero or low emissions car that was first held and used on or after 1 July 2022, is used by a current employee or their associates, and has never had luxury car tax payable on it.
How we help
The focus is on clarity so you can make an informed decision. Check the date the car was first held and used, and whether luxury car tax was paid on it.
Plug-in hybrids after 1 April 2025
Why it happens
A business is weighing a plug-in hybrid against a fully electric car.
Why it matters
From 1 April 2025, a plug-in hybrid is no longer a zero or low emissions vehicle for FBT and isn't eligible for the exemption. A plug-in hybrid whose use was already exempt before that date can stay exempt only under a financially binding commitment to keep providing it; an option to extend exercised on or after 1 April 2025 doesn't count.
How we help
We will review your position, highlight immediate wins and provide a clear plan for bookkeeping, BAS, payroll, tax returns, cloud accounting and SMSF administration.
How long to keep the records
Why it happens
Invoices, payroll reports, car logbooks and contracts pile up, in paper and in software.
Why it matters
Most business records must be kept for 5 years from when they were prepared or obtained, or the transaction was completed, whichever is later, and in English or easily converted to it. Electronic records follow the same rules and must not be altered. ASIC requires companies to keep records for 7 years.
How we help
Accurate records and meaningful reports that give you clarity, not confusion. Make sure your software can export the data in a standard format such as CSV.
Frequently asked questions
Is an electric car for a Caloundra employee FBT-free?
It can be, if it is a zero or low emissions car first held and used on or after 1 July 2022 and luxury car tax has never been payable on it.
Are plug-in hybrids still exempt?
Not from 1 April 2025, unless the car's use was already exempt and a financially binding commitment to keep providing it was in place before then.
How long must I keep business records?
Generally 5 years for the ATO. Companies must keep records for 7 years under ASIC's requirements.
Where to next
Have a question?
Before you order the car
Lomandra Accounting is a CPA Practice.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm