Fringe Benefits Tax

You may be aware that FBT returns for the year ended 31 March 2018 are due to be completed by no later than 23 June 2018 (where prepared and lodged by Wilson Pateras).

Who is affected by FBT?

In very simple terms, FBT is payable on benefits provided to employees and their associates. This may include benefits provided to you, a related party, or a third party under an arrangement with your business taxpaying entity.

Change of Approach for 2018 year

In previous years where employers were not providing Fringe Benefits because they contributed the private use of their benefit into the taxpaying entity by way of contribution we haven’t lodged an FBT return. In 2018 we have decided to change our approach and lodge FBT returns for all business clients providing benefits. The reasons are as follows;

  • The ATO through the use of sophisticated technology are data matching clients more than ever before. By lodging a return and indicating the client contributed the private use of the Fringe Benefit to a business taxpaying entity it shows the ATO you have dealt with the FBT issue
  • By lodging a tax return it limits the ATO’s lookback period to three years in the event of audit

This means that for any business client who owns a car for instance we will be lodging an FBT return in 2018.

We now enclose below our FBT information package to assist with the collection of the necessary and relevant FBT information. We request that you return all forms to us by 17 April 2018 to allow us to complete the return and arrange lodgement.

Please click on the links below to access:

If you have any queries, please contact us on 03 8419 9800.

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