iscover ATO warns of looming FBT deadline
TaxThe ATO has alerted tax agents to its 31 March deadline for the assessment of fringe benefits tax.
Employers must determine whether they have an FBT liability for the 12 months to the end of March, then lodge returns and pay by 23 May.
The date may vary if filing via tax agents, the ATO said, but even those without an FBT liability will need to complete the paperwork if they are registered as an FBT payer.
Different types of benefits can include employer-provided vehicles and parking, entertainment and meals, interest-free or low-rate loans, reduced rent housing and more.
The ATO said some items provided specifically due to COVID may be subject to exemptions and concessions. This can include paying for equipment that allowed employees to work from home, such as laptops, as well as emergency accommodation, food and transport.
There are also special provisions for emergency healthcare, incentives for vaccination and COVID tests.
The ATO website provides a checklist for lodgment and warns that all records and calculations of FBT must be retained.
Philip King
Philip King is editor of Accountants Daily and SMSF Adviser, the leading sources of news, insight, and educational content for professionals in the accounting and SMSF sectors.
Philip joined the titles in March 2022 and brings extensive experience from a variety of roles at The Australian national broadsheet daily, most recently as motoring editor. His background also takes in spells on diverse consumer and trade magazines.
You can email Philip on:
