What you must do
If you provide fringe benefits to employees, you must:
- work out how much FBT you have to pay
- keep the necessary FBT records
- register for FBT
- report fringe benefits on your employees' payment summaries
- lodge a return and pay FBT to us.
Working out the amount of FBT you have to pay
Work out the taxable value of each fringe benefit you provide to each employee, including those benefits you don't have to report on payment summaries. The rules for working out the taxable value of a fringe benefit vary according to the type of benefit.
Keep the necessary records
You must keep all records related to providing the benefit, including how you worked out the taxable value of benefits.
Registering for FBT
We recommend you register as soon as you have decided to provide benefits. Once you are registered, we will send you extra information to help you lodge your return.
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To register for FBT:
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Reporting fringe benefits on your employees' payment summaries
If you provide certain fringe benefits with a total taxable value of more than $2,000 to an employee in an FBT year (1 April to 31 March), you must report the grossed-up taxable value of the fringe benefits on the employee's payment summary for the corresponding income year (1 July to 30 June).
Reporting and paying FBT
If you haven't paid FBT before, you make one payment for the year when you lodge your annual FBT return. In future years, we may ask you to make quarterly FBT instalments through your quarterly activity statements.
The annual FBT return is due by 21 May.
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For more information about providing benefits to employees:
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Sections within Your FBT obligations
Last Modified: Thursday, 8 September 2011