On Mar. 26, AST Tax reminded of lodging fringe benefit tax.
AST Tax reminded employers to report fringe benefits tax (FBT) for new financial year.
Employers who provide certain benefits to their employees, such as a work car for private purposes, gym memberships, or tickets to an event/show, are eligible for FBT.
Also issued a new practical compliance guideline for calculating employee's home charging expenses for electric vehicles (EVs), for FBT reporting purposes.
Identify the types of fringe benefits and determine the taxable value of each benefit.
Lodge a fringe benefits tax return and pay by May 21, 2024, for self-preparers.
If employer entrusts a tax professional to lodge electronically, shall report by Jun. 25.
Employers shall keep good records to support their calculations and FBT position.
EV-Related Compliance Guideline
Applicable to employees who have incurred electricity expense when charging the electric vehicle at home; only for zero-emission EVs, excluding plug-in hybrid models.
Can choose to calculate the electricity value by determining the actual cost incurred.
Apr. 2024 Record Keeping
On Apr. 4, 2024, AST Tax said that from Apr. 1, employers have a choice to use existing corporate records for certain fringe benefits provided to staff.
As such, firms can rely on existing corporate records if they meet the minimum required information, negating any difficulty obtaining declarations from staff on time.
Corporate records cannot be used for all approved forms and records, and the options are outlined on the website; it is not necessary to declare which record has been used.
These options apply for the new FBT year and onwards; self-preparers must have all the alternative records in time to lodge the FBT return by May 21, 2025.
Regulators
AST Tax
Entity Types
Auditor; Corp
Reference
PR 4/4/2024; PR, Gd, PCG 2024/2, 3/26/2024; ESG
Functions
Accounting; Compliance; Environment; HR; Record Retention; Reporting; Tax; Technology; Treasury
