You can correct your fringe benefit tax (FBT) return in myIR if:
- you made one or more errors, and
- the difference in the total fringe benefit tax to pay is $1,000 or less.
You can correct the error in your next FBT return if the purpose isn't to delay the payment of tax. The total difference caused by the error is the same as or less than both:
- $10,000, and
- 2% of your annual gross income (i.e. turnover) or GST output tax.
Before you start
You will need details of the fringe benefits you provided in the relevant period.
You will need to know:
- your FBT rate
- your fringe benefits provided for the period
- the employees the benefits were provided to.
Locate the return
In myIR find the return that has the mistake.
- Choose 'Returns and transactions' under the FBT section
- Select the period you need to adjust
- Select 'View return' and then 'Amend return'.
Correct the error in myIR
Enter the correct details in the return and submit it.
View the new assessment
Your FBT assessment will automatically be updated.
Log in to myIR
What happens next
You will get a confirmation receipt as soon as you finish correcting your return. This will tell you if you need to make a payment or are due a refund.
If you need to make a payment you can do this through:
- internet banking
- credit or debit card online
- direct debit.
If you are due a refund this will be direct credited to your account.