Fringe Benefits Tax or FBT is a tax employers pay on certain benefits they provide to their employees, employees’ family members or their other associates. FBT is separate to income tax and is calculated on the taxable value of the fringe benefits provided.
FBT can be levied on provision of Car, Housing, travel, entertainment etc.The FBT system carries a number of reporting and compliance obligations that AVS can advise on and support you in meeting.
Apart from giving general advice on the impact and amount of FBT you’re required to pay, AVS also assists businesses with various FBT requirements including preparation, review and lodgement of returns.
We can streamline the FBT process by helping you:
- understand how FBT works
- identify when a fringe benefit is provided
- access available exemptions
- comply with your obligations
- build FBT into salary packaging
- communicate with your employees
- liaise with the Australian Taxation office on FBT matters
We will ensure you’re meeting your FBT obligations, while minimising its impact.