Fringe Benefits Tax covers a wide range of benefits that you may provide to employees.  We can help you deal with this frequently misunderstood tax and prepare your annual FBT return.

Issues often arise from:

• Salary packaging options Cars are the most common fringe benefits provided as discussed below.  Other private expenses may be paid by the employer on behalf of employees and this may be a tax effective form of salary packaging, however, it very much depends on the nature of the payment and the individual circumstances of both the employer and employee.
• Motor Vehicles – Assessing the benefit provided on motor vehicles is mainly dependent on two aspects:
  a)      The classification of the vehicle under FBT legislation, and
  b)      The method used to calculate the benefit provided.  Different methods can result in more tax effective results and so careful analysis is required.
• Entertainment – There are several categories of entertainment benefit and it is important to understand which category the benefit falls under because that will affect how the fringe benefit is taxed.  For example payments made for your clients, or your employees and for Christmas parties are treated differently for FBT purposes.  Knowing the difference is critical.
• Reportable Benefits – Knowing what to declare on your employees’ annual Payment Summaries is important as it will affect how they are taxed as individuals. Not all fringe benefits are reported on the payment summary, we can advise you of this.

Fringe Benefits Tax is an area where the advice of experts is crucial.

Contact Us today.

Disclaimer:
The above services are provided by Stanley & Stewart Accountants Pty Ltd ABN 76 114 691 673, trading as Stanley & Stewart Chartered Accountants, a company that is not licensed to provide financial planning services.
Any financial planning services required are provided by Stanley & Stewart Financial Planning Pty Ltd ABN 97 611 554 299, an Authorised Representative of Politis Investment Strategies Pty Ltd ACN 71 106 823 241 AFSL No 253125.
Liability limited under a scheme approved by Professional Standards Legislation.