Lodgment and Assessment
Employers assess their own liability for FBT. In most cases, employers must lodge their annual FBT return and make payment of any FBT by
21 May
following the year end of 31 March
. Lodgment under a tax agent lodgment program may offer an extension to this date.Employers are required to maintain complete and accurate records to ensure that the appropriate amount of FBT is paid.
The return form includes a declaration that must be completed by every employer. The employer must declare that the particulars shown in the return, and any accompanying documents, are true and correct in every detail and disclose a full and complete statement of the net amount of all taxable fringe benefits provided to current, future and former employees and their associates.
If the taxpayer's previous year's FBT liability was less than $3,000 they are not required to pay quarterly instalments of FBT. They are required to pay the whole of their FBT liability on the 21 May following the FBT year end, or 25 June if using a tax agent and electronic lodgments.
Interest is charged in case of payment shortfall.
Latest Information
See the ATO website for additional details and the most up to date information:
note
Per section 135C of the Fringe Benefits Tax Assessment Act 1986, there is a record keeping exemption threshold for the fringe benefits tax year.