4 Reasons Why You Should Lodge an FBT Return

1. FBT is compulsory

You must lodge an FBT return if you are an employer and provide non-cash benefits to your employees (including directors). FBT is a tax on the value of your employees' non-cash benefits, calculated at the end of each FBT year.

2. Demonstrates Good Governance

Lodging an FBT return demonstrates transparency and good governance within your business. It reflects your commitment to complying with tax laws and fulfilling your obligations as an employer, which can enhance your reputation and credibility when dealing with clients, partners and investors. Engaging professional payroll services can streamline FBT reporting and ensure accuracy and timeliness.

3. The ATO is your tax partner

The ATO wants to help you get it right the first time, and there are many resources to guide you through the process. By using professional accounting and taxation services, you can accurately calculate and report your fringe benefits. FBT returns help maintain accurate records, which is essential for meeting your obligations and avoiding penalties.

4. Avoid overpayment and interest

Lodging on time helps you avoid interest and penalties for late lodgment. To avoid these, lodge your FBT return as soon as you can so it can be processed quickly. If you're unsure of your obligations, speak to us and we'll help you get it right.