• Better practice timetable

    Better practice entities will have a documented yearly timetable.

    Set out below is an example timetable for a calendar year. The timeframes are indicative only and should be tailored to meet each entity's particular circumstances.

    Action

    Indicative timeframe

    Provide refresher sessions to work area contacts on technical aspects of FBT and data entry requirements

    15 January

    If paying by instalments the third instalment is due (determine whether a variation should be lodged)

    21 January

    Review the results of the previous year's post-lodgment review to identify any issues that need to be addressed in relation to the current year's FBT return

    31 January

    Determine specific resourcing requirements for the preparation of the FBT return, including resources in each work area

    31 January

    Provide the human resources work area with proforma wording relating to fringe benefits to be included in the employee exit form

    28 February
    (for the following FBT year)

    Prepare/review information to be included in the employee induction program

    28 February
    (for the following FBT year)

    Develop/update an information/fact sheet for employees, particularly employees who may be home-garaging a car or have entered into a salary sacrifice arrangement, to advise on the possible RFBA implications of receiving fringe benefits

    28 February
    (for the following FBT year)

    Liaise with the salary packaging provider(s) to agree on a process for providing year-end data and reporting formats

    28 February
    (for the following FBT year)

    Review arrangements for notifying employees of RFBAs

    31 March

    Seek an extension for lodgment of the FBT return (if required)*

    31 March

    If paying by instalments, the fourth instalment is due (determine whether a variation should be lodged)

    21 April

    Provide associated entities with details of fringe benefits provided to their employees

    21 April

    Ensure that all FBT data has been captured and collated

    24 April
    (for the previous FBT year)

    Prepare draft return and RFBAs

    30 April
    (for the previous FBT year)

    Confirm FBT rates and thresholds for the current FBT year (for example, car parking threshold and statutory interest rate)

    30 April

    Advise staff of their RFBAs prior to lodgment of the FBT return to provide them with the opportunity to review

    5 May
    (for the previous FBT year)

    Finalise and lodge return (if necessary pay the balancing amount)

    21 May
    (for the previous FBT year)

    Latest date for payment summaries to be issued, including RFBA amounts

    14 July

    If paying by instalments, the first instalment is due (determine whether a variation should be lodged)

    21 July

    Undertake prior year post-lodgment review

    30 September

    Review and update FBT risk assessment

    30 September

    If paying by instalments, the second instalment is due (determine whether a variation should be lodged)

    21 October

    Collect and review interim data that has been collated by entity staff

    30 November

    Collect and review interim data from salary packaging providers

    30 November

    Perform an interim review of general ledger transactions for fringe benefits not captured elsewhere

    30 November

    Liaise with work area contacts to agree on year-end data collection arrangements

    15 December

    *An extension can be sought by lodging a written request with the ATO stating the reason for the request. Entities should cite a specific event or set of circumstances that have resulted in the need for an extension.

    Attention

    RFBAs will need to be available to enable payment summaries to be issued no later than 14 July. Data relating to benefits that may result in a RFBA should finalised by mid-June so that employees can be notified of their RFBA and be given the opportunity to comment before payment summaries are printed.

    End of attention
      Last modified: 23 Jul 2015QC 18627