Fringe Benefits Tax returns can be burdensome and so your efforts by way of FBT preparation should be continuous.
March 31 is the critical FBT year-end date: have you recorded all the items you needed to ensure your FBT (that’s Fringe Benefits Tax for those not involved) return can be accurately prepared for lodgement – and more importantly, so that you don’t pay any more than is necessary?
- Are you aware which records you need to keep?
- Are you sure that you are not required to lodge and pay FBT?
- If you employ people (including yourself in a company or entity you own), there is some likelihood that you will be eligible/ liable!
If you are not sure, contact your Accountant/ Tax Agent and check what information they require to help you comply with the FBT rules (or to ensure that they are not a concern in your particular circumstances).
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