Fringe Benefits Tax – Extensions of time for payment of FBT

by | May 4, 2021

Extended Payment Deadline:

Organisations that engage a registered Tax Agent to lodge their FBT returns electronically enjoy an extended deadline to pay the balance of their 2020-21 FBT liability. If they pay the balance by 25 June 2021, no General Interest Charge is payable. Other taxpayers must pay the balance by 21 May 2021.

All taxpayers have an automatic extension of time to lodge the 2020-21 FBT returns – now due by 25 June 2021. However taxpayers whose returns are not electronically lodged by a Tax Agent will be liable to the General Interest Charge on any 2020-21 FBT payments made after 21 May 2021.

Preparation or Review, and Lodgement of FBT returns

As registered Tax Agents, ICGTAX would be delighted to prepare and lodge, or review and lodge, of your 2021 FBT Return.

You may have provided your employees with benefits you do not usually provide because of COVID-19. This includes paying for items that allow your employees to work from home. We will assist you to identify the exemptions and concessions that are available that can reduce (or eliminate) the FBT you pay.

Our available FBT services include:

  • Full preparation of 2021 fringe benefit working papers and calculations
  • A full analysis of general ledger transactions based on trial balance identification of FBT sensitive accounts and review of supporting documentation including invoices, expense claims, employee contracts / arrangements and any other information required to reach a FBT determination
  • Confirmation of the required employee declarations and sourcing completed declarations from employees
  • Confirmation of the required employer elections and declarations
  • Lodgement of 2021 FBT returns
  • Preparation of individual employee reportable fringe benefits amounts
  • Preparation of fringe benefits report for annual payroll tax return and WorkCover purposes
  • Provision of sign off letter
  • Provision of a post lodgement analysis, including recommendations for future process or system changes, or implementation of policy or policy changes.

Carparking valuation reports confirming the lowest daily rate applicable for each location are also available.

To discuss for FBT position or have your FBT questions answered, please call us:

Greg Hill Email Mob: +61 (0)4 1217 5128

Chris Gibbs Email Mob: +61 (0)4 0317 8599

Don Green Email Mob: +61 (0)4 1234 6104

 

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