The 2022 Fringe Benefits Tax (FBT) return is slightly different from what you have lodged in the past.
2022 Fringe Benefits Tax due date
If you have an FBT liability for the FBT year ending 31 March 2022, you must lodge an FBT return by 23 May 2022.
Covid-19 and FBT
- If you provided additional benefits to your employees during the FBT year in response to COVID-19, such as paying for items that allowed them to work from home, remember that FBT may apply
- COVID-19 tests purchased by employees for work purposes will be deductible.
This means:
- if you provided (or reimbursed the cost of) COVID-19 tests to your employees for work purposes from this date, you may be able to apply the otherwise deductible rule. This allows you to reduce the taxable value of the benefit by the amount your employees could have claimed if they incurred the cost of the benefit.
- if COVID-19 tests are the only fringe benefit you provided to your employees, and you have reduced the taxable value to nil, you will not have a fringe benefits tax (FBT) liability and will not be required to lodge an FBT return.
Cars and FBT
- If you make a car available to your employees for private use, you may be providing a car fringe benefit. If you’re not sure, please contact us.
- If you covered your employees’ expenses during the FBT year, we can help you determine whether you’re providing an expense payment fringe benefit.
Employers may be providing a car fringe benefit if they make available a car they own or lease to an employee for their private use.
For fringe benefits tax (FBT) purposes, a car is any of the following:
- a sedan or station wagon
- any other goods-carrying vehicle with a carrying capacity of less than one tonne, such as a panel van or utility (including four-wheel drive vehicles)
- any other passenger-carrying vehicle designed to carry fewer than nine passengers.
If the vehicle is not a car, and the employee has private use of it, the employer may be providing a residual fringe benefit rather than a car fringe benefit.
Kingsman can help you with your FBT issues. Please Contact us for more details.
+61 2 8011 4699
