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PKF Australia

Accountants and Business Advisers

Get prepared: It's FBT time again

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Tom Hackett

Partner

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Get prepared: It's FBT time again

As you know, the end of March signals the end of the Fringe Benefits Tax year, and all the associated reporting requirements.

Pulling together your documentation
Odometer readings will need to be taken at close of business on 31 March 2015 for all vehicles provided to employees that are subject to FBT.

It is also a good time to start gathering all the information and declarations needed to prepare your 2015 FBT obligations.

If you have not already done so, you should consider the following as soon as possible:

  • Review general ledger accounts, salary packages, and staff policies to identify all possible benefits provided to employees and their associates
  • Identify any unspent salary sacrifice amounts
  • Request employees to provide details of days on which a vehicle was not available for private use
  • Obtain evidence about the lowest all day fee charges by a commercial parking station within one kilometre of your business (where car parking fringe benefits apply)
  • Request employees to provide invoices and receipts for unreimbursed expenditure relating to any fringe benefits provided (e.g. petrol, insurance and registration expenses)
  • Request employees to complete any declarations that may be required

Lodgement and payment dates

The statutory due date for lodgement and payment is 21 May 2015. Lodging your FBT return electronically through our office extends the lodgement deadline to 25 June 2015. However, the due date for payment is only extended to 28 May 2015.

If you are unsure whether you are liable for FBT or want more information, please contact Tom Hackett or any of our Taxation and Business Advisory specialists from around Australia


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