• From 1 July 2021, if you provided (or reimbursed the cost of) COVID-19 tests to your employees for work purposes from this date, you may be able to reduce the taxable value by applying the otherwise deductible rule.
  • If COVID-19 tests are the only fringe benefit you provided to your employees, and you have reduced the taxable value to nil, you will not have an FBT liability and will not be required to lodge an FBT return.

Don’t forget, the existing FBT record keeping requirements apply. You will need to keep all records relating to how you calculated the taxable value of benefits, including the necessary declarations. For more information, visit FBT, COVID-19 tests and the otherwise deductible rule.

It's 2022 fringe benefits tax time

It's fringe benefits tax (FBT) time. Here are some important things to be aware of and help you lodge:

  • If you make a car available to your employees for private use, you may be providing a car fringe benefit. If you’re not sure, there are a number of resources available on our website to help you decide – including a car fringe benefit video series and webinar sessions.
  • If you covered your employees' expenses during the FBT year, the ATO have a webinar available to help you work out whether you're providing an expense payment fringe benefit.

Consider the exemptions and concessions you may be eligible for, which can help to reduce the amount of FBT you pay.

For more information, visit ato.gov.au/FBTaxTime