21st April 2022 | Tax
The 2022 fringe benefits tax (FBT) year ends on 31 March 2022, so it’s a good time to start considering what you need to do to lodge and pay your FBT.
You’ll need to work out if you have an FBT liability for fringe benefits you’ve provided to your employees (or their associates) between 1 April 2021 and 31 March 2022.
If you have an FBT liability for the 2022 FBT year, your FBT return and payment are due by 21 May.
Don’t forget to keep all records relating to the fringe benefits you’ve provided, including how you calculated the taxable value of benefits.
What is considered a fringe benefit?
- A leased vehicle for your personal use (under a ‘novated lease’ arrangement)
- Personal use of a company car
- Discounted loans
- Gym/health memberships
- Entertainment expenses – free/discounted food, cinema tickets, accommodation
- Private health insurance
- Living-away-from-home allowance (LAFHA)
- Real Property – land and buildings
- Right to Property – shares, bonds
- Childcare costs and school fees
If you would like to know more, please contact our Agents at Ax3. Call 03 9995 7261 or email us
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