Fringe Benefits Tax (FBT) is a separate tax that applies when employers provide certain benefits to employees (or their associates) in addition to, or instead of, salary or wages. These benefits may include motor vehicles, entertainment, expense payments and other non-cash benefits.
FBT is separate from income tax and is calculated on the taxable value of the fringe benefits provided. The FBT year runs from 1 April to 31 March, with annual reporting and lodgement obligations applying to eligible employers.
At Andrews Accountants, we can assist you with all aspects of your FBT obligations, including:
- Determining whether Fringe Benefits Tax applies to your business.
- Calculating your Fringe Benefits Tax liability.
- Preparing and lodging your FBT Return.
- Advising on available exemptions, concessions and reductions.
- Providing practical strategies to help you meet your compliance obligations and manage your FBT position effectively.
Our experienced team can help you navigate the complexities of FBT legislation, ensuring your obligations are met accurately and on time.