Accounting Industries | Fringe Benefit Tax (FBT)

Fringe Benefit Tax (FBT)

To deliver a great product or service and drive business growth, you must attract and retain top talent. A common strategy to boost motivation and engagement is to offer employees financial incentives beyond their remuneration.

These benefits include giving employees a car, low rates of interest on loans, private expenses reimbursement and other benefits they will appreciate.

If and when you offer fringe benefits, you must also be aware of the tax obligations that come with them. Fringe Benefits Tax (FBT) refers to the tax employers have to pay for these extra benefits and is based on the taxable value of each fringe benefit provided.

How we help:

Estimating your FBT liability
Registering for FBT
Bookkeeping and maintaining FBT records
Reporting the benefits of payment summaries
Accurate advice on the exempted benefits
Preparing and reviewing of FBT returns

If you offer fringe benefits, but don’t have the time or in-house talent to assess your FBT, please contact us. We will calculate the FBT liability in time prior to lodging your FBT return at the end of each FBT year (starting 1 April and ending 31 March).

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Our prices are fixed and there are no hidden charges to worry about.

Fringe Benefit Tax (FBT) Return

From

$300

plus GST

Review benefits provided subject to FBT, apply exemption, calculation of tax, preparation of the required reports and declarations, lodgment with the ATO

Payroll Tax reconciliation and reporting to the OSR

From

$250

plus GST per report

Review expenditure subject to Payroll Tax, calculation and lodgment with the OSR

Employee salary reconciliation and PAYGW reporting

$200

plus GST per BAS

Reconciliation of salary, superannuation and PAYGW for each employee, reporting to the ATO

Bookkeeping

From

$25

plus GST per hour

Data entries, bank reconciliation, payroll and employee records, etc