Reminder to lodge 2021 FBT Return ~ FBT due date 25 June 2021

A gentle reminder that the 2021 Fringe Benefits Tax (FBT) return is due for lodgment on 25 June 2021, if the return is lodged via PLS.

IN BRIEF

• If you have a tax agent that lodges an FBT return on your behalf electronically, the due date to lodge and pay is 25 June 2021.
• If you prepare your own FBT return, you can lodge up to 25 June 2021 without incurring a failure to lodge on time (FLT) penalty. The payment due date was 21 May 2021.
• If you are registered for FBT and your fringe benefits taxable amount during an FBT 2021 year is nil, you don’t need to lodge an FBT return for the year, but it is recommended to complete a Fringe benefits tax – Notice of non-lodgment form as this will avoid the ATO seeking a return from you at a later date. 
• If you did not have an FBT liability for the FBT year, and you did not vary your FBT instalments to nil during that year, you will also need to lodge an FBT return. Lodging an FBT return will allow the ATO to update their records and refund the FBT instalment credits you paid during the FBT year.

If you have any questions, we highly encourage you to Get in touch with our team.

Related: Fringe Benefits Tax (FBT) End-of-Year Traps

Have you noticed our #FridayExpertTips... here's one that relates to #Taxation

“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. Get in touch to find out more."

This article is intended to provide general information only, and is not to be regarded as legal or financial advice. The content is based on current facts, circumstances, and assumptions, and its accuracy may be affected by changes in laws, regulations, or market conditions.  Accordingly, neither Azure Group Pty Ltd nor any member or employee of Azure Group or associated entities, undertakes responsibility arising in any way whatsoever to any persons in respect of this alert or any error or omissions herein, arising through negligence or otherwise howsoever caused. Readers are advised to consult with qualified professionals for advice specific to their situation before taking any action.