Fringe benefits are benefits that you provide to your employees or their associates, such as their family members. These are benefits in place or on top of their regular salary or wage.
Does your company provide fringe benefits to your employees? Ask yourself:
- Do you make cars or other vehicles owned or leased by your business available to employees for private use, including a car garaged at an employee's place of residence?
- Do you provide a house or other accommodation for your employees?
- Do you provide entertainment such as food, drink or free tickets to your employees?
- Do you pay the gym fees for an employee?
- Do you provide your employees with living away from home allowances?
- Do any of your employees have a salary package arrangement in place?
- Have you paid for, or reimbursed, a non-business expense incurred by an employee such as school fees?
- Have you provided your employees with goods at a lower price than they are normally sold to the public?
FBT is separate from income tax and is based on the taxable value of the fringe benefits provided. You may, however, claim an income tax deduction for the cost of providing fringe benefits and for the FBT you pay.
If you are liable for the tax, you must lodge a FBT return at the end of the FBT year. The FBT year is different from the standard financial year and runs from 1 April to 31 March. If this is the first year you will be lodging an FBT return, you will also need to register for FBT
.FBT returns must be lodged with the Australian Taxation Office (ATO) by 21 May 2013. If a tax practitioner is preparing your annual FBT return, different lodgement arrangements may apply.
To find out more about FBT visit the Australian Taxation Office website
.
No comments:
Post a Comment