Now is the time to review your financial statements to check if you have an FBT liability and/or are required to lodge an FBT return for the year ended 1st April 2011 to 31 March 2012.
If you have lodged Fringe Benefits Returns previously it’s now time to gather all that information ready to prepare this year’s return.
Regardless of whether you have previously lodged an FBT return or not you should review your financial statements for some of the following items that could bring you into the FBT net:-
- Salary sacrifice arrangements in place
- Provided with a company car
- Entertainment expenses
- Any expenses with a private percentage applicable
- Employees that have borrowed from you
- Provided meals to employees
- Provided car parking to employees
- Paid board and lodging for employees
- Forgiven a debt owing from an employee
If you have any or some of the above items you could be subject to FBT – if you require any assistance in assessing your situation please contact us.