Reminder: Fringe Benefits Tax Season is Here

Posted at 15:00h in Business, Tax by Simmons Livingstone

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Employers are reminded to lodge their FBT return and pay by 21st May. With the deadline fast approaching, it’s crucial for employers to understand their FBT liabilities and take the necessary steps to fulfil their reporting obligations.

How to navigate FBT season

FBT encompasses a range of perks provided to employees beyond their standard salary or wages. These benefits could include offering cars for personal use and granting gym memberships or tickets to events.

Each year, the benefits subject to FBT could change, underlining the importance of staying informed and ensuring adherence to annual regulatory requirements.

Simmons Livingstone can help you understand if you are required to register for FBT, assisting you in understanding your FBT liability, reviewing your fringe benefits and ensuring accurate reporting and lodgement of FBT returns.

Additionally, if you don’t have an FBT liability for the 2023-24 FBT year and you’re registered for FBT, our advisors can facilitate submission of a non-lodgement advice form on your behalf, ensuring compliance with regulatory requirements.

Find out more on employers’ obligations regarding FBT and practical tips to ensure compliance this season here.

If you are not currently a Simmons Livingstone client for taxation purposes, please get in contact with our office today on 07 5561 8800.

Don’t let the FBT season overwhelm you. Contact Simmons Livingstone to streamline your FBT reporting process and ensure compliance with FBT regulations on 1800 618 800 or via email at admin@simmonslivingstone.com.au.