Fringe Benefit tax (FBT)
FBT is only reported once a year, it can be a tad frantic when it comes time to lodge your FBT return. To avoid this, Contact JRU Accounting for your FBT calculation and lodgement.
What is Fringe Benefit
Fringe Benefits Tax (FBT) is a tax on employers that provide non-cash benefits to their employees.
Fringe benefits can include benefits (or what employees might think of as “perks”) like a company car, car parking, health insurance, meals and entertainment, computers, mobile phones and even a cheap loan. Another way of thinking about it: if an employee receives an obvious personal benefit, chances are it’s a fringe benefit.
How Is FBT Calculated?
The reportable amount of the fringe benefits is the taxable value of the benefits grossed up to get the amount the FBT rate of 46.5% is applied to.
These rules are complicated and many benefits have there own valuation rules. Please click on the link below for the relevant FBT Calculator: