If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns.
Here’s everything you need to know to get you prepared.
What’s Fringe Benefits Tax (FBT)?
FBT is a tax you pay on certain benefits you provide to an employee, including their family or associates. If you have an FBT liability, you must lodge an FBT return and pay the amount of FBT you owe for the FBT year.
Upcoming Deadlines
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Even if you don’t need to lodge an FBT return, if you’re registered for FBT, you are still required to notify the ATO before the date your return would have been due.
What’s new in FBT
1. Exemption for the private use of electric vehicles
You will now be exempt from paying FBT on benefits provided for electric cars that meet all the following criteria:
Registration, insurance, repairs, maintenance and fuel expenses provided for eligible electric cars are also exempt from FBT. More information on this topic can be found here and here.
2. Access to certain FBT small business concessions
Businesses with an aggregated turnover of between $10 million and $50 million can access certain existing FBT small business concessions.
Eligible businesses can access a fringe benefits tax exemption in relation to:
Learn more about car parking fringe benefits and portable electronic device exemptions.
If you have any questions or concerns about lodging and paying your FBT, be sure to contact Tailored Tax as early as possible to get it sorted.
Source: Tailored Tax
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