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.

 

Recent Articles

COVID-19 Stimulus and Business Updates

19th March 2020

Roberts & Morrow hold ourselves to a high standard of transparent communication with our clients and like you, have been... Read More

Act before 7 September 2020 to qualify for super guarantee amnesty

17th March 2020

The Government's Super Guarantee amnesty legislation, the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received Royal Asset on... Read More

Details on the Australian Government Stimulus Package (COVID-19)

17th March 2020

On 12 March 2020, the Australian Government announced a $17.6bn economic stimulus package in response to the coronavirus (COVID-19)... Read More

More funding released for drought assistance

13th March 2020

The Drought Communities Programme (DCP) has announced that another round of funding had been released on February 20. The... Read More