It’s 2023 Fringe Benefits Tax (FBT) Time!
If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns.
Make sure you note the following in your calendars:
- The 2023 FBT year ended on 31 March 2023.
- You’ll need to lodge your FBT return and pay any outstanding liability by 22 May to avoid interest and penalties. This date applies as the statutory due date of 21 May falls on a weekend this year.
- If you’re lodging electronically via a tax practitioner, the due date to lodge and pay is 26 June. This date applies as the concessionary due date of 25 June falls on a weekend this year.
- If it is your first time lodging with a tax practitioner, you’ll need to contact them before 21 May. The agent needs to add you to their FBT client list by this date to make you eligible for the June lodgment and payment date.
- If you don’t need to lodge an FBT return and you’re registered for FBT, you should still let us know by the date your return would have been due.
While it’s important to lodge and pay on time, we understand there may be circumstances where you can’t. If this is the case, we encourage you to contact us, or speak with a tax practitioner, as early as possible. Find out about support to lodge and pay and how we can help you with paying.
Source: ATO
Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with:
– an experienced team of Accountants providing Tax & Business Advisory services
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