It’s 2022 fringe benefits tax (FBT) time! Here are some things to be aware of to help you lodge:
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.
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, there are resources available on the ATO website to help you decide – including a car fringe benefit video series and webinar.
If you covered your employees’ expenses during the FBT year, The ATO has a webinar available to help you work out whether you’re providing an expense payment fringe benefit.
Consider the exemptions and concessions you may be eligible for, which can help to reduce the amount of FBT you pay.