FBT Issues on ATO Radar

With the date for lodging and paying FBT approaching (21 May), the ATO has reminded employers that the following mistakes attract their attention:

  • Failing to report car fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits
  • Mismatches between the amount reported as an employee contribution on an FBT return compared to the income amounts on an employer’s tax return
  • Claiming entertainment expenses as a deduction but not correctly reporting them as a fringe benefit, or incorrectly classifying entertainment expenses as sponsorship or advertising
  • Incorrectly calculating car parking fringe benefits
  • Not applying FBT to the personal use of an organisation’s assets provided for the personal enjoyment of employees or associates (e.g. spouses)
  • Not lodging FBT returns (or lodging them late) to delay or avoid payment of tax.

Contact us today for assistance with your FBT lodgement.

Contact us