With the end of the current FBT year, being 31st March MKG will soon be circulating its FBT checklist to business clients to evaluate if they have a reporting requirement where FBT is concerned.
Clients who know or think they’re providing fringe benefits to employees should contact us for assistance in reviewing compliance obligations along with any tax implications.
Fringe benefits are benefits paid to an employee (or associate) in respect of employment, such as a car, meal entertainment, low interest loans, living away from home allowances and payments of private expenses.
Fringe Benefits Tax (FBT) is the tax payable on the provision of these benefits.
We can help you to understand which benefits are exempt from FBT and which are liable for the tax. FBT is separate from income tax and is calculated on the taxable value of the various benefits provided.
If your business provides fringe benefits to employees then there is the requirement to:
• Calculate how much FBT you have to pay
• Keep the necessary FBT records
• Register for FBT
• Report fringe benefits on your employees’ payment summaries
• Lodge a return and pay FBT to the Australian Taxation Office (ATO)
Services in helping clients with their taxation responsibilities and giving advice on taxation is just part of the overall service that MKG offers clients.
If you need help with taxation we have experts on hand to give you the right advice.