Fringe Benefits Tax checklist
 
Download the checklist (140k)
For many employers the only relevant fringe benefits provided to employees
may be cars, car parking, expense payments or entertainment. However, you
should review the checklist in detail to see if any of the other benefits
have been provided.
You should complete the checklist and return it to our office as soon as
possible after 31 March 2010 so we can attend to your fringe benefit
calculations.
If you provide car fringe benefits, we recommend that you mark in your
diaries a reminder to record odometer readings at 31 March 2010. Please note
that an exact reading is required and an estimate without any reasonable
basis is unacceptable.
Business Activity Statements
Many clients elect not to pay fringe benefits tax, but reimburse the taxable
value of fringe benefits instead. If your business is registered for GST
then 1/11th of any fringe benefit reimbursement may need to be disclosed in
your business activity statement.
Accordingly, we will need to calculate all fringe benefits for clients by
30 June 2010 to ensure that any reimbursement can be taken up in your next
business activity statement.
GST Details
When you forward your information to us we will need to know the
GST-inclusive amounts of fringe benefits provided during the year ended 31
March 2010. We will also need to know if the benefit was GST-free, as this
will have different implications when calculating the amount of fringe
benefits tax applicable or the value of any employee reimbursement.
We may need to contact you following receipt of your information to ensure
the details we have are correct. However, if you are unsure of what you need
to send us when collating your information then you should not hesitate to
contact us to discuss this further.
Accounting Software
If you are using either MYOB or Quickbooks accounting software it may be
easier to send us a file containing transactions from 1 April 2009 to 31
March 2010, and we will extract the relevant information.
Lodgement of Returns
Fringe benefits tax returns must be completed and lodge by 30 May 2010.
To ensure that this lodgement date is met, please forward your information
to us as soon as possible after the end of fringe benefits tax year.
Car Log Books
Where the operating cost method is used to calculate a car fringe benefit, a
new logbook must be maintained every five years. If your current logbook was
completed before 1 April 2005 (i.e. more than 5 years old) a new logbook
must be commenced by 31 March 2010.
If you require a new car logbook, please contact our office and we will
forward one to you to be maintained for a twelve-week representative period.
Salary Packaging
The end of the fringe benefits tax year is often a reminder to employers and
employees to consider their current salary packaging arrangements. Although
salary packaging is a complex area, many legitimate and tax-effective
arrangements still remain and are available to be utilised.
You should not hesitate to contact our office if you would like to discuss
further any issues in relation to your salary packaging arrangements.
Published : 17 February 2010
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