If you are lodging your own fringe benefits tax (FBT) return, you need to lodge and pay by the 21st of May. If we are lodging on your behalf, your due date is not until the 25th of June.
Even if you have been paying FBT instalments on your quarterly BAS, we still need to complete and lodge the annual return to assess whether you have paid too much or too little throughout the year.
If you have not paid any fringe benefits this year, or if the amount paid is less than $2,000, check with us as you may still need to lodge a nil return.
Things to consider before finalising the FBT return:
- Have you paid benefits to employees or associates for entertainment, expense payments, loan payments or any other benefits in lieu of wages and salary?
- Have you checked which benefits are exempt from FBT?
- Do you have tax receipts and other records related to the payment of fringe benefits for employees or associates?
- Do you have the relevant employee declarations, log books and travel diaries?
Remember that you must keep records of all FBT related transactions for at least five years.
As there are some exemptions and concessions available, we can discuss your FBT return with you, to make sure that you are not overstating your fringe benefits and paying too much fringe benefits tax.
Talk to us about how we can assist with preparing your FBT return.