Rewarding your team feels great, the tax obligations associated don’t.
You reward your team for a job well done with benefits other than their salaries. You know you might be obligated to pay fringe benefits tax, but you’re not sure what is and isn’t taxable, and you need help calculating the taxable values.
You want to continue providing non-monetary benefits to your team, and you also want to minimise your FBT liability come tax time.
Our team loves helping to maximise the tax savings you’re legally entitled to. We help to identify potential fringe benefits and develop smart strategies to minimise your FBT liability.
Plus, we touch base with you at regular meetings, so we’re always on top of changes in your business, and you’re always across the FBT tax minimisation strategies we’re implementing for you.
Other key information:
- The FBT year runs from 1 April to 31 March
- Annual FBT returns must be lodged and tax paid by 21 May each year
- Returns lodged through a registered tax agent may qualify for an extension
- Taxable values of fringe benefits exceeding $2000 in an FBT year must be recorded as the ‘grossed up’ taxable value on an employee’s payment summary for the next income tax year
- There are differing valuation methods dependent on the type of fringe benefit
- A wide range of exemptions and reductions in taxable value can apply