Get Fringe Benefits Tax Advice to Help Your Business Grow

Get Fringe Benefits Tax Advice

That You Can Really Use

Fringe Benefits Tax (FBT) is paid on specific non-monetary benefits that employers give to their employees or associates, but not in the form of salary and wages. FBT is different from income tax and corresponds to the taxable value of the fringe benefits given to the employee. It can be quite confusing and complicated, which is why we’re here to help.

We’ll take care of your FBT requirements, from reporting to lodging, whilst ensuring you don’t pay for exemptions. When correctly done, it can result in lower tax liability for your business.

What We Can Do for You

Fringe Benefits Tax Requirement

Before you pay for FBT, be sure that you’re providing a fringe benefit. For example, you allow employees to use a work car, or you pay for your employees’ private health insurance. You may also offer a salary package arrangement or provide goods, such as computers, or perhaps entertainment like food and drink. There are lots of exemptions in place that you need to be aware of so that you’re not overpaying your FBT.

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FBT Registration

If you have employees that you provide with cars, entertainment, parking benefits, and employee discounts, you are likely giving them a fringe benefit. Therefore, you are required by law to register your business for FBT. We can do all the legwork, ensuring you benefit from exemptions and concessions that lower your FBT liabilities.

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Pay Correctly and On Time

As an employer, you’re required to pay FBT at the top of the marginal rate of 46.5%. You also have to pay on or before the due date, which is by 21 May yearly. If you have annual liabilities of at least $3,000, you will pay quarterly instalments.

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Keep Updated

Fringe Benefits Tax changes every now and then. It’s important that you keep track of these modifications, and that’s what our team specialises in. We make sure that you’re made aware of these changes, and we can provide the most valuable advice for you. That way, you can prepare for your FBT returns each year.

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FBT Reduction Strategies

Having worked with companies that pay Fringe Benefits Tax, we know how you can lower your FBT liability (legally, of course). Some strategies we can help you with include replacing your fringe benefits with salary and offering benefits that employees can claim as an income tax deduction.

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Get Your Questions Answered

Fringe Benefits Tax requirements and obligations can be challenging to keep up with, especially if you DIY the whole process. We can make it easier for you. If you have any queries or would like assistance, all you need to do is to contact our friendly team.

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