Box Advisory Services
FBT Returns
Our team of small business accountants can assist in the preparation and lodgement of your FBT Returns
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What is FBT (Fringe Benefits Tax)?
FBT (Fringe Benefits Tax) is a tax imposed on employers who provide additional benefits that supplement an employee’s and their associate’s income.
Do I Need To Lodge an FBT Return?
If you provide individual employee fringe benefits that exceed $2,000 within the FBT year or you have provided a motor vehicle (or car) to an employee, you must lodge an FBT return.
FBT Return Due Date
The FBT (fringe benefits tax) year runs from 1 April to 31 March. If you have an FBT liability during this period, you must lodge an FBT return no later than 21 May.
Benefits of an Accountant for your FBT Return
A qualified accountant can advise you on the best record-keeping practices of FBT to ensure that you meet your FBT obligations as well as methods to reduce your FBT liability.
Also, Box Advisory Services Accountants can prepare and lodge your FBT return for you, even with concessions on lodgement dates for any last-minute returns.
Frequently Asked Questions
You can either lodge your company tax return directly with the ATO or with a registered tax accountant. Registered tax agents and BAS agents are authorised by the Tax Practitioners Board to prepare and lodge tax returns on behalf of their clients.
Using a tax professional can help ensure your company tax return is accurately prepared and lodged on time. Tax agents have a thorough understanding of tax planning and can advise on how to maximise your return.
If you are submitting your company tax return directly to the ATO without any prior year returns overdue, then the due date for all 30 June balancing companies is 28 February or 15 May the following year. However, it is important to note that failure to lodge on time can result in penalties from the ATO.
If you have prior year returns overdue, then the due date will be 31 October of the same year. The ATO requires company tax returns to be lodged in a timely manner and will impose late lodgement penalties if deadlines are not met.
Lodgements with registered tax agents with good on-time lodgement track records are offered later company tax return lodgement dates than the initial deadline. Using a professional tax agent can provide more time to prepare your company tax return accurately.
Box Advisory Services are registered tax accountants (Registration: 25452828) with over 13 years of company tax return experience.
Our expert team stays up to date on the latest tax laws and ATO requirements, ensuring your company tax return is prepared correctly and on time.
We offer our clients a special lodgement program arranged with the ATO that affords a later company tax return due date. This provides extra time to gather information and review your company tax return while avoiding late lodgement penalties.
With decades of combined experience, our tax accountants can uncover tax deductions and strategies to minimise your tax liability within the law. We provide personalised tax planning and advice tailored to your unique business situation.