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Posted on 22 November 2021

Fringe Benefits Tax (FBT) is paid differently than a salary or wage. It is paid to an employee who may be current, future or past, a director of a company and a beneficiary of a trust who is employed by the business.

What is a Fringe Benefits Tax

FBT is separate to income tax and is calculated on the taxable value of the fringe benefit. The employer must self-assess their FBT liability for the FBT year (that is, 1 April to 31 March) and lodge an FBT return.

Fringe benefits examples:

  • discounted loans for employees
  • gym memberships
  • allowance of work car use for private purposes
  • reimbursements of school fees

Lodging and paying FBT

The FBT year runs from 1 April – 31 March. Annual FBT returns must be lodged and tax paid by 21 May each year. Returns lodged through tax agents may qualify for extended due dates. Annual FBT liabilities of $3,000 or more are paid by quarterly instalments as part of the employer’s business activity statement.

Disclaimer
The material in this content is for the benefit and information of clients. The items are in the nature of general comments only, and are not to be used, relied or acted upon without seeking further professional advice. Falcon Advisory accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. Liability limited by a scheme approved under Professional Standards Legislation.

 

 

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