FBT Time

 

As we all know Fringe Benefits Tax is a tax liability on employers.

 

A few refresher points:-

Any employer who has any FBT liability for the current period must lodge a return.

If the fringe benefits taxable amount for the FBT year is nil, a “non-lodgement” form can be completed and lodged by the time the return is due.

FBT rate is 49% for 2015-16

A company director is considered to be an employee for FBT purposes.  A director of a company is typically an employee for FBT purposes.  This can even be the case where the director has not been renumerated with salary and wages.

When a company provides a benefit to a director in their capacity as an employee, who is also a shareholder, professional help will be needed.  How many directors use holiday home that is owned by that company or family trust for free?

Refer to Article Fringe Benefits Tax – Company Holiday Home

Car Fringe Benefits

The car fringe benefits rules only apply if the vehicle provided to the employees satisfies the meaning of a “car”.  Reduce car base value by 1/3 provided that the car has been held by the employer for at least four full FBT years.

Meal entertainment for FBT purposes excludes any expenditure in relation to recreation.


All the world’s a stage, and all the men and women are merely players William Shakespeare
A fool and his money are soon parted. What I want to know is how they got together in the first place Cyril Fletcher
My main problem is reconciling my gross habits with my net income Errol Flynn
All I ask is the chance to prove that money can't make me happy Spike Milligan
A very rich person should leave his kids enough to do anything but not enough to do nothing Warren Buffet
Next to being shot at and missed, nothing is quite as satisfying as an income tax refund F.J. Raymond
Those are my principles, and if you don't like them... well, I have others Groucho Marx

© 2018 Moneytax. All rights reserved. Disclaimer | Privacy

Site by PlannerWeb.