It’s 2022 fringe benefits tax (FBT) time! Below are some things that you need to be aware of to help you lodge:
- If you had provided your employees with additional benefits at any stage during the FBT year in response to COVID-19, for example paying for items that allowed them to work from home, you need to be aware that FBT may apply.
- Did you give your employees access to a work car for private use? If so, you may be providing a car fringe benefit. If you are unsure, there are resources available on the ATO website to help you determine if this is the case – including a car fringe benefit video series and webinar.
- Perhaps you reimbursed your employees’ for their expenses during the FBT year. Well the ATO also have a webinar available to help you figure out if you are providing an expense payment fringe benefit.
You should consider the exemptions and concessions that you may be eligible for as these may help to reduce the amount of FBT you pay.
If you have any queries on FBT, please do not hesitate to contact our office on: (03) 8393 1000.