Heads up! If you’re handling your own fringe benefits tax (FBT) return, you need to lodge and pay it by May 21st. But if we’re doing it on your behalf, you’ve got some extra time until June 25th. So, no rush!
Even if you’ve been making FBT instalments on your quarterly BAS, we still need to complete and lodge the annual return. We need to assess if you’ve paid too much or too little throughout the year. It’s important to get the full picture.
And if you haven’t paid any fringe benefits this year or the amount is less than $2,000, double-check with us. You might still need to lodge a nil return. Better safe than sorry, right?
Before finalising that FBT return, let’s consider a few things together. Have you paid benefits to your employees or associates like entertainment, expense payments, loan payments, or any other non-wage benefits? Also, let’s make sure we’re aware of which benefits are exempt from FBT. Important to play by the rules!
Make sure you’ve got all your tax receipts and records related to those fringe benefits payments. We’ll also need any relevant employee declarations, logbooks, and travel diaries. It’s all about the details.
Here’s the scoop on some new stuff this year. We’ve got new rules for the private use of electric vehicles, work-related COVID-19 testing, and FBT small business concessions for car parking and portable electronic devices.
And don’t forget to keep records of all your FBT transactions for at least five years. It’s always good to have that paper trail.
There are some exemptions and concessions available so we’d love to have a chat about your FBT return. We want to make sure you’re not overestimating your fringe benefits and paying too much FBT. We’re here to help!
So, let’s talk about your business and the new FBT rules.