28 May 2021 FBT returns
If your business has provided fringe benefits to your employees, you should be aware that the lodgement and payment of 2021 FBT return (for the period 1 April 2020 to 31 March 2021) will be due on 25 June 2021.
You also need to be aware that while there have been a lot of recent announcements about changes to FBT, many of these proposed changes are not yet law. In those instances, you need to apply the legislation current at the time of your return, and make the appropriate amendments later when the changes do become law.
For example, the government recently announced an FBT exemption for retraining and reskilling benefits that employers provide to redundant (or soon to be redundant) employees where the benefits may not be related to their current employment. While this change is intended to apply from the date of the announcement once the legal change is enacted, businesses need to apply the current legislation to this latest FBT return and amend it later if necessary.
Tip: The change to allow businesses with less than $50 million in turnover to access certain existing FBT small business concessions will apply to benefits provided to employees from 1 April 2021 onwards.