Fringe benefit tax (FBT): Returning fringe benefit tax

Types of returns

Types of fringe benefit tax return forms are:

• the Fringe benefit tax quarterly return (IR420), for employers who must file every quarter, and those who choose to do so
• the Fringe benefit tax income year return (IR421), for companies with shareholder-employees
• the Fringe benefit tax annual return (IR422), for employers who elect to file returns for the year ended 31 March.

We automatically send you a return before the due date for filing.

Quarterly FBT return (IR420)

As an employer:

• you must file returns each quarter where annual gross tax and employer superannuation contribution tax (ESCT), for the previous year are over $500,000
• you may choose to file quarterly if these are under $500,000.

Use the Fringe benefit tax quarterly return (IR420) to file a quarterly return. The due dates for each quarter are:

Quarter	Period covered	Due date
Quarter 1	1 April to 30 June	20 July
Quarter 2	1 July to 30 September	20 October
Quarter 3	1 October to 31 December	20 January
Final quarter	1 January to 31 March	31 May

You can generate a list of all the due dates that apply to you with the Tax due date calculator in the work it out section of the website.

Income year FBT return (IR421)

You can elect to use the Fringe benefit tax income year return (IR421) if your company has shareholder-employees only, and your annual gross tax and ESCT are less than $500,000, or you are a closely held company and you only provide motor vehicles for private use to shareholder-employees and that benefit is limited to 2 vehicles.

This return covers the accounting year of your company. You should file it by the due date for paying end-of-year income tax.

Electing to file yearly returns for FBT

You can apply to file yearly returns in any of these ways:

• Ring 0800 377 772 and advise us that you want to change your filing option.
• Complete the online Fringe benefit tax election
• Write a letter telling us which kind of return you would like to file, and how you qualify for this election.

Making the election by the due date

If you make an election, please complete it and send it to us by the due date. If we do not receive the election form in time, you must file quarterly returns for the year.

For annual returns, one of the following due dates applies.

• If you are a current employer you must make the election by 30 June in the year for which the election first applies. If we receive your election after this date, you must continue filing quarterly returns until the following financial year.
• If you are a new employer you must elect by the last day of the first quarter after you start employing.

For income year returns, one of the following due dates applies.

• Existing companies with shareholder-employees must make the election by the last day of the first FBT quarter in the income year to which the election applies. For example, a company with a 30 June balance date must elect by 30 September 2005 to file an income year return for the year ended 30 June 2006.
• Companies that are new employers must elect by the last day of the first quarter after they start employing. For example, a new company that has a 30 June balance date and starts employing on 31 July 2005 must elect by 30 September 2005 to file an income year return for the year ended 30 June 2006.

Annual FBT return (IR422)

You can elect to use the Fringe benefit tax annual return (IR422) if:

• your annual gross tax and ESCT for the previous year were $500,000 or less, or
• you were not an employer in the previous year.

This return covers the period 1 April to 31 March. You should file it by 31 May.

 

 

Date published: 31 Mar 2009

Back to top