FBT due dates
FBT due dates are the same every tax year regardless of your balance date. Each FBT year is to 31 March and is split into four quarterly FBT returns (FBT return quarters are therefore not calendar year quarters).
You have 20 days to prepare and file FBT returns and pay FBT before the due date in quarters one to three. It is relatively common for people forget that in quarter four you get two months to file and pay your FBT return (force of habit). The longer period is recognition that fourth quarter FBT returns (which involve a true up of FBT rates for the year based on individual tax rates) are complex and time consuming.
Quarterly due dates for returns and payment
| Quarter | to | FBT due dates for returns and payment |
|---|---|---|
| Q1 | 30 June | 20 July |
| Q2 | 30 September | 20 October |
| Q3 | 31 December | 20 January |
| Q4 | 31 March | 31 May |
If the due date falls on a weekend or public holiday then FBT return filing and payment are due on the next working day. More information regarding return due dates from Inland Revenue.
Don’t leave it until the last minute
Even simple FBT returns for small employers can be complicated and time consuming. You will need time to gather data to value fringe benefits, prepare and review FBT calculations, review and prepare return disclosures. You may also need to seek help from your accountant regarding any changes to the FBT rules or to calculations due to changing income tax or FBT rates.
We recommend you attribute fringe benefits to employees every quarter so that the fourth quarter calculations are more accurate and less time consuming.
The benefits of using FBT software
FBT software enables much faster and more accurate preparation of FBT returns. It helps you stay on top of FBT due dates, which are require a quick turnaround. Contact us today if you would like to find out more.