FBT Returns

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?

You must lodge an FBT return if, for the FBT year, you have FBT payable on fringe benefits you provided to your employees, or you paid FBT instalments through your activity statements.

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.

How Our FBT Return Service Works

FBT is separate from income tax, and it is the employer who pays it, so the FBT return is a job for the business rather than for each employee.

Our FBT return service suits employers who provide cars, car parking, entertainment, loans, housing or paid personal expenses to staff, including business owners who are employees of their own company.

We start by working out which benefits were provided in the FBT year, from 1 April to 31 March, and which of them are taxable. Some benefits are exempt, and the taxable value of others can be reduced, so we check those before any FBT is worked out. We then prepare the return, go through it with you and lodge it.

FBT Records and Lodgement Dates

Car benefits usually need the most records, such as logbooks and odometer readings. For other benefits, keep receipts and a note of who received what. If employees pay towards a benefit, keep a record of those payments too, as they can reduce its taxable value.

If your business uses Xero, MYOB or QuickBooks, we can review the accounts where these costs are recorded, such as motor vehicle, entertainment and staff amenities, to find the benefits that need to be reported.

A self-lodged FBT return is due by 21 May. Lodging through us generally moves that to 25 June, provided you are on our FBT client list by 21 May, so contact us in April or early May.

Book a free 20-minute meeting with one of our accountants for a later date, or call 1300 411 022. If 21 May is close and you need advice now, a paid priority appointment is available on our booking page.