Fringe Benefits Tax
Providing fringe benefits to your employees can be a useful way of attracting and rewarding employees.
Employees can choose to salary sacrifice, to receive a benefit instead of receiving a part of their wage. A common example is providing an employee with the use of a car.
Fringe Benefits Tax applies to some non-wage benefits provided by employers to employees. Some non-wage benefits include:
- Use of a car
- Car parking
- Expense payments
- Living away from home allowance
If your business provides any of the above benefits to employees, we can assist you in determining whether a fringe benefit has occurred. There is also the chance to mitigate your liability. We provide the following services and advice in relation to Fringe Benefits Tax:
- Accessing FBT concessions
- Providing advice around ways to reduce your FB liability, such as salary packaging of motor vehicles
- Advice regarding Living Away From Home Allowances
- Preparing calculations on FBT liability and preparing annual Fringe Benefits Tax Return
- Preparation of FBT compliance manuals
Why choose TF Partners?
TF Partners is constantly evolving and developing alongside our clients, to provide a holistic range of services including Accounting, Business Advisory, Wealth Management and Finance. With our depth of expertise, we provide our breadth of services to a diverse range of clients across an array of industry sectors.