FBT - Things You Should Know
The FBT year runs from 1 April to 31 March. FBT is one of those areas that many employers struggle with; not because the tax is complex but because of the level of detail required to fulfil your obligations.
A problem area: Reportable superannuation contributions
Broadly, contributions made by an employer will be captured by these disclosure rules if the employee has had the ability to influence the amount of a super contribution or the manner in which it is contributed. The following are examples of situations in which employers would be required to disclose the contributions on payment summaries:
Contributions that exceed the 9% super guarantee amount and are made to family members who are employed by a family-owned business.
It is important to note that the $2,000 threshold that normally applies to reporting fringe benefits on payment summaries does not apply to reportable super contributions.
How do I know if I need to pay FBT?
Answer ‘yes’ to any of these and you are likely to be caught by FBT.