Fringe benefit tax (FBT): Returning fringe benefit tax
Use-of-money interest
Removal of use-of-money interest from income year and annual returns
Prior to the year ended 31 March 2001, if you chose to file income year or annual returns, you would be liable for use-of-money interest for each quarter during the return period. From the year commencing 1 April 2001, this interest has been removed.
However, income year filers with balance dates to 30 September 2001 will continue to pay interest on returns due through to 7 February 2002 (or 7 April if you are the client of an agent).
Annual and income year filers will still be subject to interest and penalties if payment is not made by the due date.
Charge for late payments
For any type of FBT return, where fringe benefit tax is not paid by the due date, interest and penalties are charged on the balance outstanding.
Date published: 14 Oct 2004
Back to top