It’s 2024 fringe benefits tax (FBT) time!

As the 2024 fringe benefits tax (FBT) period approaches, it’s essential to note key dates and obligations. Employers who have provided fringe benefits to their employees or their associates between April 1, 2023, and March 31, 2024, are required to lodge and pay their 2024 FBT returns promptly. 

Notable dates to remember include:

The conclusion of the 2024 FBT year on March 31, 2024.

The deadline for lodging FBT returns and settling any outstanding liabilities to avoid penalties and interest is May 21.

For electronic lodgments through tax practitioners, the due date for lodging and payment is June 25.

Employers new to lodging with a tax practitioner must ensure inclusion on their FBT client list by May 21 to be eligible for the June lodgment and payment timeline.

Even if no FBT return is necessary, registered employers must inform the Australian Taxation Office (ATO) by the due date of their intended return submission. While timeliness is crucial, the ATO recognizes exceptional circumstances and encourages proactive communication for those experiencing difficulties. For further assistance, refer to the ATO’s support resources.

Additionally, new FBT rate tables for the period ending March 31, 2025, have been introduced, providing clarity on rates for various items such as motor vehicles and reasonable food and drink amounts. For comprehensive rate details, visit the ATO’s dedicated page.

In other developments, adjustments have been made to the Real Estate Award concerning excess travel time. These changes clarify when employees are entitled to compensation for travel time exceeding their typical commute to their employer’s business premises. Notable points include:

Compensation for additional travel time beyond the norm is treated as time worked, with employees receiving ordinary or overtime rates where applicable.

Employees utilizing their vehicles are entitled to the relevant motor vehicle allowance.

For example, if an employee is required to attend a client’s home for work, any excess travel time beyond their usual commute is compensated accordingly. This ensures fairness and adherence to employment regulations.