As an employer, it is your responsibility to determine whether you’ve provided any fringe benefits during the FBT year, and whether FBT is payable as a result. This applies not only to benefits provided to employees but also to directors, their relatives, and yourself (as a business owner).
Fringe Benefits Tax is a tax employers pay on certain non-cash benefits provided to employees in connection with their employment. These benefits are separate from salary or wages.
To assist you in meeting your obligations, we’ve compiled a handy FBT liability checklist below.
FBT Liability Checklist
Have you, between 1 April 2024 and 31 March 2025:
- Provided vehicles for private use, including those garaged at an employee’s home?
- Offered loans at reduced interest rates?
- Released any employee debts?
- Paid or reimbursed an employee loan?
- Paid for or reimbursed expenses like mobile or internet usage?
- Provided accommodation or housing?
- Paid living-away-from-home allowances?
- Provided entertainment, such as meals, drinks, or recreational activities?
- Are you a tax-exempt organisation that provided food, drink or accommodation?
- Provided car parking or other property free or at a discount?
- Implemented salary packaging arrangements?
- Supplied goods to employees at reduced prices?
If you answered “yes” to any of the above, you may be liable for FBT
At Quinn Group, the expert team of tax accountants and tax lawyers can help. We understand both the legal and financial aspects of dealing with the ATO when lodgment obligations are missed. If you have received a warning letter or default assessment, our team can help you resolve these issues and bring your tax affairs back into compliance.
Contact our team by calling 1300 QUINNS (1300 784 667), + 61 2 9223 9166 or use the “Book a Meeting” button below to submit an online enquiry and schedule an appointment.
