Are you required to report on Fringe Benefit Tax?

Leading up towards the busy end of the Financial Year, employers are required to report on and submit their Fringe Benefit Tax (FBT) liabilities. The FBT year runs from the 1st of April until the 31st of March.

If your business is not currently registered for FBT you must first complete an application form and submit it to the ATO.

What is FBT?
FBT is a tax paid against (mostly) non-monetary benefits that you can choose to provide to your employees.
Examples of this are;
- providing an employee with a company car for private use
- giving your employee a cheap loan
- access to a corporate box

If benefits that are subject to FBT were not utilised throughout the FBT year, you are not required to submit a return as the FBT balance would be nil.

However, the ATO does require that you submit a notice of non-lodgement form if you will not be submitting a return.

We will be updating with more tips and reminders leading up to the End of the Financial Year, including dates for our EOFY Paypac Software Courses.

Should you require additional information or assistance during this busy period, please do not hesitate to contact us on 08 9481 0481 or 1800 729 722.