Fringe Benefits Tax - All the need-to-knows

HomeInsights

Fringe Benefits Tax (FBT)

On 31 March 2021, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. To help you meet your fringe benefits obligations, we’ve put together all the essential information you need to know on FBT.

 2021 FBT
Downloadable
Resources

FBT Questionnaire FBT Questionnaire
FBT Odometer Reading FBT Odometer Reading
FBT Entertainment Schedule FBT Entertainment Schedule
FBT Motor Vehicle Expenses FBT Motor Vehicle Expenses
FBT Expense Benefits FBT Expense Benefits



GET IN TOUCH FOR YOUR FBT RETURN QUOTE AND PREPARATION GET IN TOUCH FOR YOUR FBT RETURN QUOTE AND PREPARATION

 

22 Mar

Why You Should Lodge an FBT Return in 2021

Why should you lodge an FBT return where no FBT is payable? Well, for the simple reason that it turns on a three-year deadline for the ATO to commence audit activities. This is a NEW ATO rule as a result of massive deficits due to COVID. The ATO need to gain more funds somehow...FBT liability is one of the methods.


READ MORE READ MORE
22 Mar

What is a Car Fringe Benefit?

A car fringe benefit commonly arises when an employer makes a car they own or lease available for the private use of an employee.


READ MORE READ MORE
22 Mar

Entertaining, Meals and FBT

An everyday occurrence across the business landscape in Australia is the practice of taking both existing and potential clients out for a meal to cement the business relationship, with the cost of this meal often covered by one party.


READ MORE READ MORE
22 Mar

How The ATO Identifies Potential FBT Employers

The ATO has signalled that there will be an increased focus on FBT this year. Given the ever-improving tools at the ATO’s disposal, in conjunction with the government’s need to raise additional revenues, it is important that employers ensure they remain compliant with their FBT requirements.


READ MORE READ MORE
22 Mar

Providing Cars to Employees - Tips & Traps

Granting employees’ access to company cars is treated by the ATO as a ‘non-cash benefit’, more commonly referred to as a fringe benefit.


READ MORE READ MORE
15 Feb

Fringe Benefits Tax - All the need-to-knows

On 31 March 2020, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.


READ MORE READ MORE

Related News

10 Nov

Retention payments and how to account for them

Whilst retention payments are very common in the building and construction industry we continually see them being incorrectly accounted for, or not accounted for, and therefore often overlooked, resulting in advance payment of taxes and/or lost income.


READ MORE READ MORE
9 Nov

100 Aussies: five charts on who earns, pays and owns

We are heading into a period of opening up the economy after COVID, with the need to repair the budget, an election looming by May 2022, the threat of inflation and a withdrawal of central bank stimulus.


READ MORE READ MORE
15 Sep

The Advantages of Commercial Real Estate

While commercial property is a little more difficult to understand than residential, it offers several significant advantages for investors.


READ MORE READ MORE