FBT return time
The fringe benefits tax (FBT) year runs from 1 April to 31 March. You should be preparing to lodge an FBT return for the FBT year ended 31 March 2024 if:
- your business is liable to pay FBT on fringe benefits provided to employees; and/or
- your business has paid FBT instalments through its activity statements (e.g. a BAS).
The FBT return is normally due on 25 May, but as that falls on a Saturday this year, the return is instead due on Monday 27 May.
You must lodge all activity statements for the FBT year ended 31 March 2024, including the March quarter, before lodging the FBT return. The FBT return will not be processed until all the activity statements are lodged.
The ATO states that most electronic lodgments are processed within 14 days and most paper lodgments are processed within 50 business days. If you are due a refund, it will be processed within 28 days.
Paying FBT
When you lodge the annual FBT return, you offset the instalments paid during the year against the actual FBT liability. If the instalments are less than the FBT liability, you pay the shortfall. If the instalments are more than the FBT liability, the ATO will refund the excess.
If you have to pay FBT of $3,000 or more for the year, you must pay quarterly FBT instalments in the next year.