FBT
FBT rules give you many ways to increase employees’ take home pay and benefits. Do you know all of them? We do.
DO YOU HAVE TO PAY FBT?
FBT is a tax that employers pay for benefits paid to an employee (or their associate, such as a family member) in addition to their salary or wages. FBT is calculated on the taxable value of the benefits you provide. This is separate to income tax.
What do you need to do if you provide fringe benefits?
If your business provides fringe benefits to your employees then you need to:
– Register for FBT
– Calculate how much FBT you have to pay
– Keep all records relating to the benefits you provide, including how you calculated the FBT
– Lodge a return and pay FBT to the ATO (generally by 21 May)
– Include reportable fringe benefits on your employees’ payment summary or STP
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NSW 2060, Australia
Preston
(+61) 555-1408
info@bonconseil.com.au