Fringe Benefits Tax Advice and Preparation

Fringe Benefits Tax Advice and Preparation

The Fringe Benefits Tax (FBT) is the tax businesses pay when they provide fringe benefits to an employee or an associate of an employee. The tax is applied to most non-cash benefits made available to the employee. Some of the benefits listed in the Australian Tax Office (ATO) legislation include housing, loan and car fringe benefits amongst others. Each of these benefits is assessed using a number of criteria to determine the correct amount of tax due on the benefit.

 

  • Important Steps

If your business is currently paying FBT to employees or you’re planning to provide fringe benefits and are unsure or unclear how to prepare, Gilberts Accounting can help you. There are a few important steps you’ll need to be familiar with such as registering for the FBT with the Australian Tax Office, keeping necessary records, accurate calculation of how much FBT you have to pay, make sure all fringe benefits are reported correctly on all employees’ payment summaries, have a clear understanding of what benefits are exempt from the Fringe Benefits Tax and of course making sure you lodge your return and pay any amounts due to the ATO.

 

  • How We Can Help

At Gilberts Accounting we can help you with advice and preparation for all your Fringe Benefit Tax needs. Our experienced taxation specialists will work closely with you to help minimise the tax you pay in full compliance with current ATO regulations. For businesses there can be a lot to think about at tax time and not everyone has the time they need, in order to get the best tax minimisation results possible.

 

  • Maximising Potential

If your organisation isn’t using Fringe Benefits to its maximum potential we can help you to utilise the many opportunities available through the effective use of current FBT rules and Salary Packaging. Whilst maintaining full ATO compliance we can offer advice on tax minimisation strategies, alternatives and opportunities, comprehensive salary packaging advice, review and analysis of your current systems and help you with annual lodgement of your returns.

 

  • Working To Suit Your Needs

When it comes to the Fringe benefits Tax, Gilberts Accounting will work closely with you to develop specific strategies to suit your needs. Our highly trained and experienced Tax Consultants will provide you with comprehensive, up to date advice to help you navigate the often complex and confusing areas involved in Taxation.

If you need help with your Tax Preparation give us a call at Gilberts Accounting.