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FBT preparation

Fringe Benefits Tax returns can be burdensome and so your FBT record-keeping efforts should be continuous.

FBT preparation can be onerous, but with the right information, properly recorded, the task becomes easier.  March 31 is the critical FBT year-end date: have you recorded all the items you needed to ensure your FBT (that’s Fringe Benefits Tax for those not involved) return can be accurately prepared for lodgement – and more importantly, so that you don’t pay any more than is necessary?

FBT preparation considerations –

  • Are you aware which records you need to keep?
  • Are you sure that you are not required to lodge and pay FBT?
  • If you employ people (including yourself in a company or entity you own), there is some likelihood that you will be eligible/ liable

If you are not sure about FBT preparation for your business(es) and any of the above matters, contact your Accountant/ Tax Agent and check what information they require to help you comply with the FBT rules (or to ensure that they are not a concern in your particular circumstances).

The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.

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