With the 2025 FBT year wrapping up on 31 March, it’s important you're on track to meet your obligations and are prepared for any changes.
Follow these steps to help you get it right:
- Work out if you have an FBT liability for fringe benefits you’ve provided to your staff or their associates between 1 April 2024 and 31 March 2025.
- If you have an FBT liability you need to lodge an FBT return and pay the amount due by 21 May 2025.
- Let us know if you don’t need to lodge an FBT return and you’re currently registered for FBT.
- Report each employee's reportable fringe benefits amount in their end of year payment information.
What’s changed in FBT?
From this FBT year and onwards, there are a few changes you should know about:
- You can use existing records instead of travel diaries and declarations for some fringe benefits. If using existing corporate records, they need to meet the minimum required information at the time of lodging your FBT return. Keeping the right records ensures you can correctly calculate the taxable value of the benefit and support your FBT position.
- The FBT exemption for plug-in hybrid electric vehicles ends on 31 March. An employer can continue to apply the exemption if:
- that PHEV was used, or available for use, before 1 April 2025 (and that use was exempt), and
- they have a financially binding commitment to continue providing private use of the vehicle on and after 1 April 2025.
For more information on FBT in general visit ato.gov.au/fbt
Remember, your registered tax professional can help you with your tax and super obligations.