With the FBT year end upon us it is time to focus on these reporting obligations.

The Fringe Benefits Tax (FBT) year ends on 31 March 2017 and FBT Returns are due and payable by 21 May 2017, including nil returns, if appropriate.

As an employer, you should consider all benefits provided to employees or associates during the FBT year 1 April 2016 to 31 March 2017. If a benefit can be turned into wages, then it is considered as attracting FBT.

The ATO has confirmed in a recent Private Binding Ruling any consistent use of a motor vehicle designed to carry a load of more than one tonne may still be a reportable fringe benefit for an employee. This is a change from the definition of a car in the Fringe Benefits Tax Assessment Act 1986.

If you need assistance in determining whether you have an FBT liability for the 2017 year, or if you would like some information on setting up salary sacrifice arrangements for your employees, please contact your accounting partner.

 

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