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Fringe Benifits Tax (FBT)
Did you know that tax is payable on ‘payments’ to an employee that are made in a different form to salary or wages (non-cash benefits)? Common benefits include the provision of a company car, meals and entertainment, and expense payments on behalf of employees. This tax is referred to as Fringe Benefits Tax (FBT).
Employers are required to calculate their FBT liability for the FBT year (1 April to 31 March) and lodge an FBT return by 21 May. FBT amounts must then be reported on each employee’s payment summaries (group certificate) for the financial year (1 July – 30 June) immediately following.
As the end of the FBT year approaches (31 March), it might be a good idea to follow up on recording closing odometer readings for vehicles and wrap up on documenting those other fringe benefits that are subject to FBT. If you are unsure of whether or not you are providing taxable fringe benefits, please contact our office for assistance.
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