Fringe Benefits Tax

It’s that time of year again – time for employers to lodge an FBT return and pay Fringe Benefits Tax (FBT). A fringe benefit is something extra you’ve provided your employees or their associates/family, in addition to their wage/salary, between 1 April 2022 and 31 March 2023. It may include things like gym memberships, food, cinema tickets, childcare costs etc.

If you’re unsure whether you are liable, please get in touch with your SLA accountant on 1800 618 800 or via email at admin@simmonslivingstone.com.au to discuss.

To ensure you’re on track, note the following important dates in your calendar:

• The 2023 FBT year ended on 31 March 2023.
• You must lodge your FBT return and pay any outstanding liability by 22 May to avoid interest and penalties (the statutory due date of 21 May falls on a weekend this year).
• If you’re lodging electronically through a tax agent such as ourselves, the due date to lodge and pay is 26 June (the concessionary due date of 25 June falls on a weekend this year).
• If this is your first time lodging with a tax agent, you’ll need to contact us before 21 May to be added to our FBT client list and be eligible for the June lodgment and payment date.
• If you’re registered for FBT but don’t need to lodge a return, you should still notify our office by the date your return would have been due.

While it’s important to lodge and pay on time, we understand that there may be circumstances where this isn’t possible. If you’re experiencing difficulties, please don’t hesitate to contact us for assistance.

For more information, please contact us at 1800 618 800 or via email at admin@simmonslivingstone.com.au.