The FBT year runs from 1 April - 31 March. Annual FBT returns must be lodged and any tax paid by 21 May each year. Returns lodged through tax agents may qualify for extended due dates. Annual FBT liabilities of $3,000 or more are paid by quarterly instalments as part of the employer's business activity statement.
If the taxable value of certain fringe benefits provided to an employee exceeds $2,000 in an FBT year, the 'grossed-up' taxable value must be reported on the employee's payment summary for the corresponding income tax year. The value of reportable fringe benefits is taken into account in income tests for certain taxes and government benefits.
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