The fringe benefits tax (FBT) year end is just around the corner on 31 March 2008.
Ongoing investigations by the ATO show that FBT compliance is not as good as it could be –
so FBT is on the ATO’s audit hit list.

Now is the time to check whether you have provided any fringe benefits to your employees in
respect of their employment that are taxable and make sure you are ready to lodge your FBT
return and pay any FBT liability on time.

We are here to help you make sure that you are making the most of planning opportunities
and that your business is up to scratch when it comes to its FBT compliance.

Checklist of some FBT basics

– The current FBT year runs from 1 April 2007 to 31 March 2008.

– As an employer, you have to calculate and pay any FBT liability.

– If you have an FBT liability, you must lodge your FBT return and pay your FBT liability by
21 May 2008.

– FBT is separate from income tax and is levied at the top personal marginal rate of income
tax, including the Medicare levy (i.e., currently 46.5%);

– You can generally claim an income tax deduction for the cost of providing fringe benefits
and for the FBT you pay.

– Where the total taxable value of reportable fringe benefits for an employee is more than
$2,000 for the current FBT year, you will have to disclose this value (grossed-up) on the
employee’s payment summary.

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