Date: 24 April 2024
The FBT year ended on the 31 March 2024 and there are a few things that need to be completed to ensure that your business meets all the obligations. The due dates this year for lodgement and payment are:
- 21 May 2024 for employers and tax agents who lodge by paper, or
- 25 June 2024 for tax agents who lodge electronically
- A motor vehicle (owned or leased) has been provided to an employee
- Any expenses have been paid on behalf of an employee, these also include reimbursements of a private expense
- Any loans made to an employee, these include an advance of money, provision of credit, overpayment of salary or a debt that becomes due but remains unpaid
- Any forgiven debts that are owed by an employee
- Providing any form of entertainment to an employee such as restaurant meals, parties, prizes, alcohol etc.
- Providing housing to an employee which is the employee’s usual place of residence
- Providing accommodation and/or meals to an employee as a result of an employee's entitlement under an industrial award or an employment agreement
- Providing car parking facilities to employees including on-site parking
- Paying an allowance to any employee as compensation for living away from home
- Providing free or discounted air travel on a stand-by basis to an employee
- Providing goods or other property to an employee for free or at a discount
- Providing other types of benefits that are not listed above
- FBT exemption for electric cars
- Car parking benefits
- Mismatched information for entertainment claimed as a deduction and what is reported for FBT purposes
- Incorrect classification of vehicles as cars
- Business assets personally used by owners and staff
- Employee contributions for FBT purposes and salary sacrifice
- Travelling or living away from home
- Alternative records
- Not keeping appropriate records, i.e. logbooks for motor vehicles
