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Fringe Benefits Tax

Australia’s fringe benefit tax (FBT) regime is complex.  There are a number of fringe benefits categories and specific valuation rules for each category, so it’s important to get it right.

Some common examples of fringe benefits include where an employer:

  • Make a car or other vehicle available to an employee for private use
  • Provides car parking for an employee at or near the place of work
  • Provides food and drinks at staff parties
  • Provides entertainment by giving free tickets to concerts
  • Reimburses or pays for an employee’s health insurance premium
  • Provides cheap loans to an employee
  • Provides accommodation to an employee at reduced rent
  • Expense payments
  • Provides an employee with a living away from home allowances

 

There are strategies that can be used to reduce your FBT liability.  These include:

  • Paying additional salary of cash bonuses instead of a fringe benefit
  • Providing only benefits that are exempt from FBT
  • Providing fringe benefits that are tax deductible
  • Using employee contributions to reduce the taxable value of benefits

At SB Partners, our team of qualified staff are fully conversant with FBT regulations and we’ll use our skills to advise you on the best options for your business.

Our tax services also include:

BAS & GST

The end of each quarter doesn’t need to be stressful – whether you need us to compile your BAS return for you or just cast an eye over your return, we’ll keep your quarterly returns simple

End Of Year Tax

The end of the financial year brings compliance requirements and it’s a great time to review plans for the next year

Tax Minimisation

Keeping your tax bill as low as possible is our focus and we know all the extra bits and pieces that will help you reduce your obligation

Fuel Tax Credits

If you use fuel for running plant, machinery or heavy vehicles we’ll help you get credits for the tax you’ve paid.

Capital Gains Tax

When certain assets appreciate or depreciate, there are tax implications for the gains or losses