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.
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).Book consultation now