With FBT time fast approaching, it’s important you stay on track.
What you need to do this fringe benefits tax (FBT) time
- Work out if you have an FBT liability for fringe benefits you’ve provided to your employees or their associates between 1 April 2023 and 31 March 2024.
- If you have an FBT liability you need to lodge an FBT return and pay the amount due by 21 May.
- If you’re currently registered for FBT but you don't need to lodge, let us know to prevent us seeking a return from you at a later date.
- Remember, when the new FBT year starts on 1 April, you can choose to use existing records instead of travel diaries and declarations for some fringe benefits.
New guidelines
We've released a new guideline which provides a short cut method to help work out the cost of charging electric vehicles (EV) at your employee's home for FBT purposes. Eligible employers can choose to use either the EV home charging rate of 4.2 cents per kilometre or the actual cost.
Make sure you understand your FBT obligations and the records you need to keep to avoid an FBT liability.
For more information visit our website.
Remember, your tax professional can help you with your tax and super obligations.