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Key issues:
Historically, Fringe Benefits Tax (FBT) has been seen by businesses as a low profile, process driven tax. Now however the Federal Government is committing more resources to ensuring that businesses are complying with their FBT obligations and are launching an ever increasing number of FBT audits. FBT returns for the year ended 31 March 2006 must be filed by 21 May 2006, and any outstanding liability paid by the same date.
With the 2006 FBT return filing date approaching, it is therefore more important than ever that companies are ensuring that their FBT obligations are correctly complied with. This Alert highlights some recent developments in FBT and some areas that companies should be aware of in preparing for filing their FBT returns to reduce the risk of a dispute and potential penalties in the case of an audit.
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