It is officially Fridge Benefits Tax time, which means that the FBT return deadline is just around the corner. If you have provided your employees with any fringe benefits during the year, you will need to lodge and pay your return by either 22 May or 26 June. Your deadline will depend on how you choose to lodge your return, either by paper, electronically, or via a tax agent. Continue reading to find out which deadline applies to you and how we can help you prepare your return.
Your FBT due date
- If you are lodging your FBT return by paper, the due date for your return is 22 May 2023, as the statutory due date of 21 May falls on a Sunday this year. Most paper lodgements may take up to 50 business days to process.
- If you are lodging your FBT return electronically via the Practitioner Lodgement Service (PLS), the due date for your application is 26 June 2023, as the statutory due date also falls on a Sunday this year. Most electronic lodgements may take up to 14 days to process.
Important Note: If you are using a tax agent for the first time, you need to contact them before 21 May so that they can add you to their FBT client list for the 26 June lodgement and payment date.
To help you prepare for your deadline, our team has created a detailed Fringe Benefits Tax Checklist with everything you need to know about your FBT obligations for 2023, including some key changes and how they may impact your FBT calculations. If you are unsure about any of the benefits you have provided your employees or the lodgement process itself, our checklist is a great place to start.
Our team is here to help
The process of determining and calculating reportable fringe benefits continues to become more and more technical and complex each year. New working conditions have changed how benefits, such as employee car parking, are calculated, and many electric vehicles have become exempt from FBT.
Our team remains up to date with the latest changes to legislation and tax rulings, and we can use our knowledge and expertise to help you prepare for the upcoming deadline. No matter how you are lodging your return, it is always good to have an expert in your corner. Contact us today to see how our team of FBT specialists can help you.
Have you noticed our #FridayExpertTips... here's one that relates to Fringe Benefits Tax
“Providing your employees with perks can be a great way to show how much you value them. It's important to understand that these perks, also known as Fringe Benefits, come with their own set of rules and tax treatments."