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rainbow123(Initiate)Initiate
14 Sept 2023

Hi,

Could you please clarify who needs to lodge a FBT return?


As per ATO's website, people need to lodge a FBT if;

  • have FBT payable on fringe benefits you provided to your employees'
  • paid FBT instalments through your activity statements.

If a company provides cars to employees/associates (taxable value is $100,000) and the company received a contribution of $100,000 which results in Nil taxable value, does the company still need to prepare a FBT return?


If a taxable value of FBT is less than record keeping exemption amount (2023 - $9,181), the company does not need to keep record for a FBT???


Also, if a taxable value of fringe benefits are less than $2,000, we do not need to report at all?? even no contribution is received by the company???


Thank you.

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760 views
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Glenn4802(Devotee)Devotee
14 Sept 2023

Q1. If the taxable value of the car benefits is reduced to nil, no other fringe benefits are provided and no instalments were paid, there is no need to lodge a return.


Q2. That is not correct, the record keeping exemption provision allow for a reduced amount of record keeping rather than no record keeping. See section 4.7 on this page.


Q3. Incorrect, there is no $2,000 threshold for FBT payable. FBT is payable even if there is a taxable value of $1. The $2,000 threshold relates to reporting amounts on an employee's payment summary.

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Most helpful reply

Glenn4802(Devotee)Devotee
14 Sept 2023

Q1. If the taxable value of the car benefits is reduced to nil, no other fringe benefits are provided and no instalments were paid, there is no need to lodge a return.


Q2. That is not correct, the record keeping exemption provision allow for a reduced amount of record keeping rather than no record keeping. See section 4.7 on this page.


Q3. Incorrect, there is no $2,000 threshold for FBT payable. FBT is payable even if there is a taxable value of $1. The $2,000 threshold relates to reporting amounts on an employee's payment summary.

rainbow123(Initiate)Initiate
14 Sept 2023

@Glenn4802


Thanks for your reply.


Can I clarify the following:


Q1. If there are other fringe benefits such as entertainment, gym membership and mortgage are provided and the company also receive contribution to be Nil taxable value, there is no need to lodge a return???


Q3. If a fringe benefit such as parking was provided (taxable value of $1,000) and FBT is payable, this does not need to report on an employee's payment summary???

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