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.
LEGAL
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Investngro Pty Ltd ABN 53 113 102 695 trading as Murray Nankivell Financial Planning, is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange. Any taxation and accounting services are provided by Murray Nankivell and are not within the authority Count. The information on this web site is not financial product advice and is provided for information only.