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FBT Issues on ATO Radar

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.

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2019-05-14T09:41:45+10:00

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100 Neil Street, Toowoomba QLD 4350

Phone: (07) 4637 9363

Fax: (07) 4638 7617

Web: Hooper Accountants