Your 2023 fringe benefits tax returns (FBT) must be filed and paid if you provided fringe benefits to employees including owners between 1 April 2022 and 31 March 2023.
These are important dates to mark in the calendar:
- 31 March 2023 marks the end of the FBT year.
- To avoid interest and penalties, you must lodge and pay your FBT return by 22 May. Due to the statutory date of 21 May being on the weekend, the new date applies for 2023.
- You must lodge and pay by 26 June if you are lodging electronically through a tax practitioner. Due to the concessionary date of 25 June being on the weekend, the new date applies for 2023.
- It is essential to contact your tax practitioner by 21 May if you are lodging with them for the first time. To be eligible for the June payment and lodgement date, the agent must add you to their FBT client list by this date.
Fringe Benefits tax applies when an employer provides a private benefit to an employee including an owner including:
- Private use of a motor vehicle
- Loans
- Substantial meals on or off premises or meals served with alcohol
- Entertainment
- Housing
- Parking in some situations
- Living away from home allowance in some situations.
Where an employer provides any type of private benefit to employees including owners, it is important to lodge an FBT return every year, even if the payable is NIL. Lodging an FBT return limits the ability of the ATO to amend your FBT assessment to a two-year time frame. Without lodging the ATO can amend 10 or more years!
Despite the importance of filing and paying on time, we understand there may be circumstances where it is difficult for you to meet the deadlines. If this is the case or you would like our assistance with your FBT Return, please get in touch with us to make an appointment.
