Road to a Successful Fringe Benefits Tax (FBT) Return in Australia

With the short turnaround time to prepare the fringe benefits tax returns, it’s critical businesses have appropriate policies in place and ensure they accurately capture, code and consider fringe benefits within their fringe benefits
tax return.

While preparing the fringe benefits tax (FBT) return, businesses are juggling preparing for quarter and year end reporting, both at an employee and an employer level. This is especially challenging for tax, payroll, finance and human resources teams who have to manage these obligations all while undertaking business as usual activities.

Depending on the effectiveness of policies and processes already in place to capture and code expenses, and collate all required data for the return, the time taken to complete the FBT return all while maintaining regulatory compliance, may impact on the amount of tax payable by a business.

What are the key measured businesses can do to set themselves up for a Fringe Benefit Tax return?

Despite the challenges of the FBT regime in Australia, there are a number of simple measures businesses can do to set themselves up for a successful FBT return. Download our ebook today to guide you on:

• FBT reporting requirements, lodgement date, tax rates and administrative considerations
• FBT exemptions, concessions and other considerations
• Who is really an 'employee' for FBT purposes
• Learn more about fringe benefit categories
• Common FBT valuation methods
• Employer record keeping requirements
• FBT policy framework considerations
• Recent FBT updates in Australia
• FBT checklist for Australian businesses
• Useful links