Tips in Preparing the 2021 FBT Return

31 March 2021 is an important date in the tax calendar, it marks the end of the 2021 FBT year. Businesses should now be planning to ensure their documentation is in place to accurately prepare and lodge their FBT returns on time. With COVID-19 having a major impact in the 2021 FBT year, this year more than any may require additional focus to ensure the correct exemptions are being applied and FBT is calculated correctly, Peter Bembrick and Steven Glavevski of HLB Mann Judd discuss the main issues with car and entertainment fringe benefits and also the major FBT changes for 2021. Also discussed are areas that will form part of the ATO's FBT compliance focus for 2021 including motor vehicles, car parking, entertainment, employee contributions, and record keeping.

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