It is not uncommon to calculate the Fringe Benefits provided, but have an employee contribution or an employee exemption, eliminates the Fringe Benefits Tax payable. In those circumstances it is not uncommon to simply lodge a “Notice of non-lodgement Fringe Benefits Tax” form. That is permitted and it certainly is a quick and relatively economic solution.
The downside is that there is no opportunity for the Australian Taxation Office (ATO) to “close the file”. There is no limit then on subsequent amendment or investigation by the ATO. When an income tax return is lodged, there are time limits imposed upon ATO to subsequently amend except where there is fraud or evasion.
Not so, with lodgement of this “No tax payable” Fringe Benefits Tax form.
Employers providing benefits should weigh up the benefit of some certainty after the relevant time has elapsed against the additional, but relatively small cost, of submitting a Fringe Benefits Tax return.
AcctWeb
17th-May-2016 |