Blog Layout

Time To Lodge Fringe Benefits Tax Return

ACP Team • Apr 17, 2024

From 1 April, it's a new fringe benefits tax (FBT) year.


If you're an employer and have provided certain benefits to your staff in addition to their salary and wages, it's important to understand how FBT works and what is considered a fringe benefit.


Perks that could attract FBT include providing employees with a work car (including dual cab Utes) for private purposes, gym memberships, or tickets to an event or show. If you provided these benefits to your staff, make sure you know how to lodge and pay the FBT.


Here's 4 easy steps to help you get your FBT reporting right the first time:


  1. Identify the types of fringe benefits you provide
  2. Determine the taxable value of each fringe benefit
  3. Lodge an FBT return and pay by 21 May (for self-preparers). If your tax professional lodges electronically on your behalf, you have until 25 June
  4. Keep good records to support your calculations and FBT position


If you don't have an FBT liability for the 2023–24 FBT year and you're registered for FBT, you will need to lodge a completed FBT non-lodgment advice form.


If this is your first time lodging through a tax professional, make sure you contact them before 21 May to be added to their FBT client list. This ensures you’re eligible for the June lodgment and payment date.


Contact us today – your Sydney small business accountants, or simply call us on 02 80467621.

Small Business Crypto Tips

By ACP Team • 20 Mar, 2024
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.

Super Concessional Contribution Cap Increase

By ACP Team • 14 Mar, 2024
The Federal Government recently announced the increases in the standard concessional and non-concessional contributions caps. From 1 July 2024, the standard concessional contribution cap will increase from $27,500 to $30,000. From 1 July 2024, the non-concessional contribution cap, which is expressed as 4 times the standard concessional contribution cap, will also increase from $110,000 to $120,000. This also means that the maximum available, under the non-concessional contribution bring-forward provisions, will increase from $330,000 to $360,000. From 1 July 2024, the Total Superannuation Balance Thresholds used to determine the maximum amount of bring-forward non-concessional contributions available to an individual will also be adjusted. Running your own business and have no time to deal with tax issues? Contact ACP Accountants today on 02 8046 7621, or email us at info@acpaccountants.net.au, and we will take care of your taxation matters as they were our own.

Residential investment property loan data-matching program

By Alan Law • 08 May, 2023
The ATO will acquire residential investment property loan data from authorized financial institutions for the 2021-22 through to 2025-26 financial years, including: client identification details (names, addresses, phone numbers, dates of birth, etc); account details (account numbers, BSB's, balances, commencement and end dates, etc); transaction details (transaction date, transaction amount, etc); and property details (addresses, etc). The ATO estimates that records relating to approximately 1.7 million individuals will be obtained each financial year. The principal uses of this data include “education and online services”, “data analytics and insights”, as well as to help the ATO “identify relevant cases for administrative action, including compliance activities”.  The ATO has a dedicated webpage dealing with its data-matching protocols (24 in total at the time of writing). It states on this webpage that: “Matching external data with our own helps us to ensure that people and businesses comply with their tax and super obligations. It also helps us to detect fraud against the Commonwealth.”
Share by: