Fringe Benefits Tax (FBT) Return (EB)
When using MYOB Tax, the 2020 FBT return must be completed and lodged in MYOB Tax 2019. Once the new year’s tax (2020) is released, you must continue to prepare and complete the 2020 FBT return in the 2019 Tax Ledger, but tag and lodge it from MYOB Tax 2020. This is because MYOB Tax has a separate tax ledger for each year, and because the FBT crosses into the next financial year before the 2019 ledger is rolled into 2020.
The FBT year commences on 1 April and ends on 31 March the following income year.
Special arrangements exist for the electronic lodgment of these returns. Tax agents will have been advised of these arrangements and the due lodgment dates for such returns. Non-agent prepared FBT Returns are due for lodgment by 21 May, unless other lodgment arrangements have been made with the ATO.
When to lodge | A 2020 FBT return must be lodged if your client has an FBT liability for the year ending 31 March 2020. |
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When not to lodge | An FBT return does not need to be lodged if the fringe benefits taxable amount for the year is nil. |
If your client is registered for FBT but does not need to lodge an FBT return for the year ending 31 March 2020, you need to lodge a Notice of non-lodgment ATO form NAT 3094. You must lodge your return with the ATO by 21 May 2020 unless, as a tax agent, you have been given another lodgment date.
If your client has had FBT instalment obligations during the year and did not vary those instalments to nil, lodging an FBT return will allow the ATO to update your client's account to ensure those credits are made available to the employer.
If you pay your FBT by instalments you must lodge all of your activity statements for the FBT year ending 31 March 2020, including the March quarter prior to lodging your FBT return.
An administrative penalty may be incurred if you lodge the return after the due date without making an arrangement with the ATO.