Posts Tagged ‘FBT’
How to eliminate FBT on your company car
How to eliminate FBT on your company car? Are you sick of paying as much as $9,000 fringe benefits tax (FBT) on your company car each year? There is a solution. The Government is exempting FBT on all electric cars and plug in hybrids, purchased after 1st July 2022. The purchase price must be less…
Read MoreTax and super rules for the festive season
Small businesses gearing up to hire Christmas and summer casuals for what (we hope) will be a prosperous peak period, or who wish to celebrate without restriction this festive season, must keep the new super and tax rules in mind. Summer casuals – Employers are now required, as of 1 July 2022, to pay their…
Read MoreEmployers prepare for March FBT deadline
Employers who are registered as a Fringe Benefits Tax (FBT) payer must complete paperwork for the ATO this month. Those who have an FBT liability are required to take further action, and lodge returns and pay by 23 May. Different types of benefits can include employer-provided vehicles and parking, entertainment and meals, interest-free or low-rate…
Read MoreFBT – why all business owners need to report in May
Fringe Benefits Tax (FBT) is often a grey area of tax for businesses, albeit quite black and white for the ATO. It is not an optional payment or reporting responsibility. All businesses with employees are required to review and report Fringe Benefits paid up to 31 March to the ATO by 15 May. It is…
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