Insights & News

FBT time is fast approaching!

Fringe Benefits Tax (FBT)

As FBT time approaches, it is crucial to stay organised and informed.

What you need to do this fringe benefits tax (FBT) period:

  1. Assess whether you have an FBT liability for any fringe benefits provided to employees or their associates between 1 April, 2023, and 31 March, 2024.

  2. If an FBT liability exists, file an FBT return and make the payment by the deadline on 21 May.

  3. If you are registered for FBT but do not need to file, inform the Australian Taxation Office to avoid potential return requests later.

  4. Note that starting from 1 April 2024 of the new FBT year, you have the option to utilise existing records instead of travel diaries and declarations for certain fringe benefits.

Stay updated with the latest guidelines:

A new guideline has been released, offering a shortcut method for calculating the cost of charging electric vehicles (EV) at your employee's home for FBT purposes. Eligible employers can choose between the EV home charging rate of 4.2 cents per kilometre or the actual cost.

It's essential to comprehend your FBT obligations and maintain accurate records to prevent FBT liabilities.

For additional information regarding this & resources to assist you, please see the below links.

Additionally, seek assistance from your tax agent to navigate through your tax and super obligations.

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