Fringe Benefits Tax – What you need to Know/Do!

The FBT year ends on 31 March 2018.

FBT is a tax employers pay on certain benefits they provide to their employees – including their employees family or other associates.

For example:

• Allowing your employee to use a work car for private purposes
• Giving your employee a discounted loan
• Paying an employee’s gym membership
• Providing entertainment by way of free tickets to concerts, etc

Some exemptions include:

• Work Tools
• Portable Electronic Devices such as mobile phones, laptops, tablets, etc
• Protective Clothing
• Minor benefits (costs less than $300 in value)

What you need to do if you’re an Employer:

• Take odometer readings of work vehicles on 31 March 2018
• Supply all relevant information to our office for preparation of your FBT Return by 30 April 2018 to enable it to be lodged by the due date
• Pay any FBT owing by the due date of 28 May 2018

If you would like to discuss your FBT obligations further, please contact our office.