Resources to navigate fringe benefits at tax time

Get ready for fringe benefits tax time

The 2022 fringe benefits tax (FBT) year ends on 31 March 2022, so it’s a good time to start considering what you need to do to lodge and pay your FBT.

Employers will need to work out if you have an FBT liability for fringe benefits you’ve provided to your employees (or their associates) between 1 April 2021 and 31 March 2022.

If you have an FBT liability for the 2022 FBT year, your FBT return and payment is due by 23 May. This date applies as the statutory due date of 21 May falls on a weekend this year. The due date may differ if you use a tax agent.

Remember to keep all records relating to the fringe benefits you’ve provided, including how you calculated the taxable value of benefits.

If you don’t have an FBT liability for the 2022 FBT year, and you’re registered for FBT, you still need to let the ATO know.

Contact Salisburys on 02 6041 3014 about completing a Notice of non-lodgment – Fringe benefits tax form by the date your return would have been due.

Salisbury Accountants & Business Advisors Albury NSW @SalisburyAcct

Source: ATO