With the due date for Fringe Benefits Tax (FBT) returns fast approaching, now is the ideal time to review your obligations and ensure compliance. FBT can be a complex area, and while your accountant will typically prepare the return using your software records or other documentation, they may not always have visibility over every potential fringe benefit provided to employees or their associates (such as spouses).
Fringe benefits can arise in various forms, including company cars, entertainment, loans, and expense reimbursements. Identifying these benefits early can help prevent unexpected liabilities and ensure accurate reporting.
To assist you in this process, we’ve put together a non-exhaustive checklist that may help determine whether your business has an FBT liability. By reviewing this checklist, you can highlight any potential fringe benefits and discuss them with your accountant to ensure they are properly accounted for in your FBT return.
Click the link below to access our interactive checklist, designed to help streamline your review process and ensure nothing is overlooked.
Conclusion
If you have any questions about your FBT obligations, don’t hesitate to reach out to our experience team here at Regency Partners for further clarification.
