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FBT Compliance update

By on June 25, 2015 in Interesting Articles

FBT Compliance update

The ATO has provided the following update on its current FBT compliance activities:

  • Non-lodgment of FBT returns – reviews are being undertaken of 50 employers who included reportable fringe benefits amounts on employee payment summaries but did not lodge a corresponding FBT return. Early responses relate to cases where employers incorrectly included the fringe benefits in the FBT return of an associated entity.
  • Corporate boxes and other hospitality – the ATO has sent letters to 26 employers to check the valuation methods used to allocate costs between employee attendees, other attendees and other costs.
  • Employers outside the FBT system – where compliance work is being undertaken primarily on another tax, ATO staff are also addressing FBT issues in cases where information held by the ATO indicates an FBT risk. For example, motor vehicles are registered in the business name but no FBT return lodged or employee contributions disclosed. Additional FBT training is being provided to compliance staff in these areas.

 

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