Correctly submitting returns for taxes other than income tax – and making payment by the due date! – are part of the compliance activities of all organisations. We are rapidly approaching 31 March which is the end of the current FBT (Fringe Benefits Tax) year. It pays to make sure that your organisation is aware of what constitutes a Reportable Fringe Benefit as well as the procedure for making a return to the ATO. Returns for the year ending 31 March 2012 need to be lodged by organisations no later than 21 May 2012 (exceptions may apply for tax agents). It is a statutory requirement that records of FBT calculations and all supporting documentation are retained for at least five years. More information is available on the ATO website.
Compliance Essentials can assist your business with its compliance strategy; contact us on 1300 602 880 to arrange a no fee, no obligation discussion.