Fringe Benefits Tax (FBT)
Fringe benefits tax is a Commonwealth tax levied on non-salary benefits provided by the University to employess and associates, as part of their employment, in place of or in addition to salary and wages. Benefits are broadly defined to include any right, privilege, service or facility but exclude payments of salary or wages, eligible termination payments or contributions to complying superannuation funds.
The financial year for reportable fringe benefits is 1 April to 31 March and the FBT Return is due for lodgement and payment on 21 May annually. Griffith University pays fringe benefits tax in quarterly instalments as part of the Business Activity Statement with the balancing payment made during lodgement of the annual FBT return with the Australian Taxation Office.
FBT on Entertainment and HECS is charged to Elements by Financial Accounting by means of a monthly allocation journal. All other FBT benefits are charged by means of a manual journal entry.