Fringe Benefits Tax time is almost here

As the 2025 Fringe Benefits Tax (FBT) year wraps up on 31 March 2025, it’s important to review your obligations.

Follow these steps to help you get it right:

• Determine your FBT liability: Review the fringe benefits you’ve provided to employees or their associates between 1 April 2024 and 31 March 2025. If you have provided any benefits such as company cars, free meals, or entertainment, you may have an FBT liability.
• Lodge your FBT return: If you do have an FBT liability, you’ll need to lodge your FBT return and pay the amount due by 21 May 2025.
• No FBT liability? If you did not provide any fringe benefits or have no FBT liability, notify the ATO that you don’t need to lodge a return.

Reminder of important FBT changes

• Alternative record keeping: Some benefits now have alternative record-keeping options, which could simplify your reporting process.
• FBT exemption ends: the FBT exemption for plug-in hybrid electric vehicles will end on 31 March 2025. Be sure to account for this change when filing your return.

For more information on Fringe Benefits Tax, visit the ATO website.