FBT Year-End is Here! Are you ready?

With the Fringe Benefits Tax (FBT) year ending on 31 March, now is the ideal time to review any benefits provided to employees over the past 12 months. This may include items such as company vehicles, entertainment, or the payment of personal expenses. Even if you’re unsure whether something gives rise to an FBT obligation, it’s important to identify and assess these benefits early to avoid any surprises.

Once you’ve identified potential fringe benefits, the next step is to determine their taxable value and ensure you have the appropriate documentation to support your position. This may include maintaining logbooks for vehicles, keeping receipts for expenses, and documenting how any exemptions or concessions have been applied. Taking the time to get this right will help ensure your FBT return is accurate and compliant.

Planning ahead can make the lodgement process far more manageable. FBT returns are generally due by 21 May (or 25 June if lodged through a tax agent), so getting organised early can help reduce last-minute pressure. If you need assistance reviewing your FBT position or preparing your return, we’re here to help guide you through the process.

Author

Naomi Aspromourgos