To access the Fringe Benefits Tax (FBT) Questionnaire – please click here.
The FBT year ended on the 31st March 2021 and is an area of focus for the Australian Taxation Office (ATO).
To meet your Fringe Benefits Tax obligations, you can either:
a) Lodge an FBT Annual Return by 25th June 2021.
b) Cash out the Fringe Benefits prior to lodging the March 2021 Business Activity Statement (BAS).
What You Need to Do?
To identify if you have an FBT liability, please download the questionnaire at the top of the page.
Please complete the questionnaire and sign where indicated.
If you answered ‘yes’ to any of the questions, please also complete the relevant schedules which can be found by clicking on the links in the Questionnaire.
If you answered ‘no’ to all of the questions, please email or post back the completed questionnaire. We need to ensure that there is evidence that your situation has been reviewed and there is certainty that your business has not incurred an FBT liability.
Once you have completed the questionnaire and relevant schedules, please return the signed documents to us by email to email@example.com by 16th of April 2021.
Are you liable for FBT?
If you are not sure whether your business is providing fringe benefits to employees, here are some key questions you should ask yourself:
- Do you make vehicles owned or leased by the business available to employees for private use?
- Does your business provide loans at reduced interest rates to employees?
- Has your business forgiven any debts owed by employees?
- Has your business paid for, or reimbursed, any private expenses incurred by employees?
- Does your business provide a house or unit of accommodation to your employees?
- Does your business provide employees with living-away-from-home allowances?
- Does your business provide entertainment by way of food, drink or recreation to your employees?
- Do any employees have a salary package (salary sacrifice) arrangement in place?
- Has your business provided employees with goods at a lower price than they are normally sold to the public?
If you answered yes to any of the above questions, you may have an FBT liability. If you are a Director of a company, you will be treated as an Employee for FBT purposes. Therefore, motor vehicles owned by Trusts and Companies that are available for the private use of Directors may be caught by these rules.
If we can assist you with any information or queries you might have about FBT or determining if your business is liable for FBT, please contact us.