FRINGE BENEFITS TAX – WHAT YOU NEED TO KNOW AND DO!
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The FBT year ends on 31 March 2019.
FBT is a tax employer’s 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 and FBT applies to you:
Take odometer readings of work vehicles on 31 March 2019
Supply all relevant information to our office for preparation of your FBT Return by 30 April 2019 to enable it to be lodged by the due date
Pay any FBT owing by the due date of 28 May 2019
If you would like to discuss your FBT obligations further, please contact our office.