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As of the beginning of this week, it's a new fringe benefits tax (FBT) year. If you have provided certain benefits to your employees over and above their salary, you may need to pay FBT.
FBT can include a company vehicle, tickets to events, gym memberships and other perks.
Here’s how to stay compliant:
1. Identify what benefits you provide to your staff that count as FBT
2. Work out the taxable value of each benefit
3. Lodge your FBT return and pay by 21 May, or 25 June if your tax agent files your taxes electronically
4. Keep good records to support your calculations
If you don’t have any FBT to pay this year but have previously been liable for FBT, you will need to alert the Australian Taxation Office. You can download the FBT non-lodgement advice form at the link below:
https://www.ato.gov.au/forms-and-instructions/fringe-benefits-tax-non-lodgment-notice .
#accountant #tax #business
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