It’s that time of the year again! The FBT season is upon us, and if you’re an employer who has provided benefits to your employees (or their associates) between 1 April 2022 and 31 March 2023, then it’s time to start thinking about your FBT obligations.
At our accounting firm, we understand that keeping up with your FBT obligations can be a tedious task, which is why we’re here to help. We can assist you in self-assessing your FBT liability for the FBT year, lodging your FBT return (if you have an FBT liability or paid FBT instalments through your activity statements), and calculating the reportable fringe benefits amount to be included on each employee’s income statement or payment summary (if the total taxable value is more than $2,000).
If you have an FBT liability for the year ended 31 March 2023, you are generally required to lodge your FBT return and pay your FBT liability by 26 June 2023 if you lodge your FBT return electronically through a registered tax agent. If you’re not included on a registered tax agent’s FBT client list, then you must generally lodge your FBT return by 22 May 2023.
However, if you’re not liable to pay FBT for the year and have not paid FBT instalments during the year, you do not need to lodge an FBT return. If you’re unsure whether you need to lodge a 2023 FBT return, please don’t hesitate to contact our office so that we can confirm and let the ATO know before the due date. This will ensure that the ATO won’t seek a return at a later date.
FBT obligations can be confusing, but with our help, you’ll be able to breeze through this season with ease. Contact us today to ensure you’re ready for FBT season and to confirm what information we’ll need from you to lodge your 2023 FBT return by the due date.