{"id":11840,"date":"2018-10-09T15:43:18","date_gmt":"2018-10-09T04:43:18","guid":{"rendered":"https:\/\/adviceco.stackedsite.com\/2019\/10\/09\/2012-march_article-3-fringe-benefits-tax-am-i-liable\/"},"modified":"2024-01-19T09:48:06","modified_gmt":"2024-01-18T22:48:06","slug":"2012-march_article-3-fringe-benefits-tax-am-i-liable","status":"publish","type":"post","link":"https:\/\/adviceco.com.au\/2012-march_article-3-fringe-benefits-tax-am-i-liable\/","title":{"rendered":"Fringe Benefits Tax – Am I Liable?"},"content":{"rendered":"

However, employers can generally claim an income tax deduction for the cost of providing FBT and for the FBT they pay.<\/span>

\nFailure to lodge or declare any FBT amounts owed to the Australian Tax Office can incur harsh penalties and are subject to fines and interest charges.<\/span>

\n<\/span>

\nAre you providing Fringe Benefits?<\/p>\n

<\/strong>If you answer <\/span>yes <\/strong>to any of the following questions you may be providing a fringe benefit, and be liable for FBT:<\/span>

\n<\/span><\/p>\n

 –    Have you allowed an employee to use a work car for private purposes?<\/p>\n

 –    Have you given your employee a cheap loan?<\/p>\n

 –    Have you provided an employee with a house or other accomodation?<\/p>\n

 –    Have you paid for an expense incurred by an employee, such as school fees?<\/p>\n

 –    Have you provided your employee with entertainment through food, drink or recreation?<\/p>\n

\nWhat do I need to do if I am providing a Fringe Benefit? 
\n<\/strong>          
\n  –    Calculate how <\/strong>much FBT you have to pay – <\/strong>you must self-assess your own FBT liability each FBT year.<\/span><\/p>\n

          –    Keep the neces<\/strong>sary FBT records – <\/strong>the FBT law requires you to keep records in relation to the fringe benefits you provide.<\/span><\/p>\n

          –    Re<\/strong>gister for FBT – <\/strong>we recommend you register once you establish you have to pay FBT.<\/span><\/p>\n

          –    Report fringe benefits <\/strong>on your employees’ payment summaries and your FBT return.<\/span><\/p>\n


\nWhat Benefits are subject to FBT?<\/span>\"\"<\/p>\n

Benefits that are subject to Fringe Benefits Tax can include:<\/span><\/p>\n

–        –    Rights<\/p>\n

 –    Priveleges<\/p>\n

 –    Services<\/p>\n

\nFringe Benefits Tax is split into various categories and specific valuation rules apply to each category. This can often make FBT very difficult to calculate for many businesses.<\/span><\/p>\n

However, it is worth considering which method will be best for your current business situation to help minimise the FBT liability owed.<\/span><\/p>\n

To find out more about how your business may be subject to Fringe Benefits Tax, click here<\/a><\/strong><\/span> to contact us for further information.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Fringe Benefits Tax (FBT) is tax paid by employers who provide particular benefits to their employees. This tax is separate to income tax and is based on the value of the benefit provided.<\/p>\n","protected":false},"author":1252,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11840","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nFringe Benefits Tax - Am I Liable? - AdviceCo.<\/title>\n<meta name=\"description\" content=\"AdviceCo Chartered Accountants and Financial Planners provide advisory services in business development, tax transactions and personal wealth to Australians.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/adviceco.com.au\/2012-march_article-3-fringe-benefits-tax-am-i-liable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fringe Benefits Tax - Am I Liable? 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