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Business: Fringe Benefits Tax (FBT)
Fringe benefits tax (FBT) is an employer borne tax, and as a business owner, you may be providing fringe benefits to yourself, or your employees, and accruing a tax liability.
A fringe benefit is usually a benefit, or payment that is made to, or on behalf of a business owner, associate or employee out of pre tax business funds that would usually be paid for by that individual from their after tax money.
These can include:
• Motor vehicle benefits
• Loans to employees or business owners
• Expense payments
• Housing benefits
• Living Away From Home Allowances (LAFHA)
• Property benefits
• Entertainment benefits
• Car parking
• Meal entertainment benefits
• Others
Beames and Associates can assist you to determine if you are providing fringe benefits, and if so, calculate what liability you may have, and advise you on the best way to manage, and minimise that liability
