FBT Deadline Approaches: Let Us Handle Your Tax Stress
With the FBT season on the horizon, it’s time to prepare for your tax return, whether or not you offer fringe benefits to your employees.
Fringe benefits come in various forms, from work cars for private use to gym memberships and entertainment perks.
Remember, FBT applies even if these benefits are provided by third parties through arrangements with the employer.
As an employer, it’s crucial to self-assess your FBT liability for the year, from April 1st to March 31st. FBT is calculated separately from income tax, based on the taxable value of the benefits provided.
But don’t fret! Employers can usually claim tax deductions for the cost of providing fringe benefits and for the FBT paid. Plus, you may be eligible for GST credits on the items provided as fringe benefits.
Looking to reduce your FBT liability? Consider offering income-tax deductible benefits, having employees contribute to fringe benefit costs, or providing cash bonuses.
Remember: the FBT year ends on 31 March.
Let us take the stress out of managing your FBT liability. Our team of professional advisers is here to address your tax concerns and ensure a hassle-free experience for you.