If you are lodging your own fringe benefits tax return (FBT) you need to lodge and pay by the 21st of May. If we are lodging your FBT return on your behalf, your due date is not until the 25th of June. 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.
Considerations when completing the Fringe Benefits Tax Return Form
- 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?
- The ATO fringe benefits tax return has new rules this year for the private use of electric vehicles, work-related COVID-19 testing, and FBT small business concessions for car parking and portable electronic devices.
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 would be pleased to discuss your fringe benefits tax return with you, to make sure that you are not overstating your fringe benefits and paying too much fringe benefits tax.
Talk to our Mornington accountants now about small business concessions and the new FBT rules, and we'll take care of your FBT return.