FBT – Fringe Benefits Tax
Providing Fringe Benefits is a common way for businesses to retain good team members. If a business provides non-cash benefits it is important to understand the FBT implications to avoid any nasty surprise tax bills.
FBT is a tax payable by employers on non-cash benefits paid to employees (or their associates eg family member). FBT is a separate tax so if benefits have been provided then a Fringe Benefits Tax Return needs to be lodged for each year – 1 April to 31 March; and it needs to be lodged and paid by 25 June. Tax is payable on the “Taxable Value” of Fringe Benefits provided.
There are some tax-exempt benefits and there are some benefits that are taxed concessionally. So, it is important to talk to your accountant/adviser to ensure you can provide maximum benefits with minimum FBT obligations.
Types of Fringe Benefits include:
- Private use of a vehicle
- Payment of private expenses
- Provision of entertainment
- Low-interest loans
- Gift vouchers and other gifts
Please complete the Questionnaire below to identify what fringe benefits you have provided this year and we will review and prepare the necessary FBT return for you.
We have prepared this FBT Guide to provide more information
Before you commence our online FBT submission process, make sure you have downloaded the following forms.
These forms will need to be updated by you and saved ready to upload to us during your online submission.
- Form 1 Motor Vehicle Fringe Benefits – Statutory Method 2023
- Form 2 Motor Vehicle Fringe Benefits – Operating Cost – Log Book Method 2023
- Form 3 Entertainment and Recreation Expenses 2023
- Form 4 Expense Payments Form 2023
- Form 5 Loan Fringe Benefits 2023