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is a CPA Practice

Its time for Fringe Benefits Tax!

Its time for Fringe Benefits Tax!

  1. FBT Basics:
    • If you’re an employer offering staff perks, it’s time to deal with fringe benefits tax (FBT).
    • FBT applies to benefits provided to employees in addition to their salary and wages.
    • Examples of perks that could attract FBT include work cars for private use, gym memberships, or event tickets.
  2. Steps for FBT Reporting:
    • Identify the types of fringe benefits you provide.
    • Determine the taxable value of each fringe benefit.
    • Lodge an FBT return and pay by 21 May (for self-preparers). If your tax professional lodges electronically, you have until 25 June.
  3. Record Keeping:
    • Maintain good records to support your calculations and FBT position.
  4. Non-Lodgment Advice:
    • If you don’t have an FBT liability for the 2023–24 FBT year and you’re registered for FBT, submit a completed FBT non-lodgment advice form.
    • First-time lodgers through a tax professional should contact them before 21 May to ensure eligibility for the June lodgment and payment date.

Remember, consulting your tax professional can provide personalized guidance for your tax and super obligations. Contact us today for help on this regard!

All information is summarized from

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