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Fringe Benefits Tax (FBT): What does it mean to my business?

Virtue Private Advisory provides advice that adds value to business and optimises tax position.

1 April marks the beginning of the new FBT year.  The lament of business and tax agents surveyed by the Board of Taxation points to a fiddly tax that is administratively difficult. But, it needn’t be. There are still opportunities under the FBT laws to provide benefits to staff (including owners that hold a position of employment, including officeholding responsibilities) that are either concessionally taxed or exempt and are simple to administer – providing a win-win for employers and employees alike. 

Some examples of concessional or exempt benefits that can be provided under the FBT regime include: 

Superannuation

Airport lounge memberships

Car parking

In-house gym/ childcare

Laptops

Phones

We can help you simplify your accounting systems and comply with ATO requirements as well as implementing an FBT planning strategy that supports your business and promotes it as an employer of choice.  Virtue Private Advisory can:

  • Review and assess your FBT system 

  • Identify potential savings 

  • Prepare FBT compliance manuals 

  • Review and lodge annual FBT returns

  • Advise you on FBT issues 

  • Keep you up to date with legislative changes

  • Help organise your FBT affairs

  • Find ways to minimise tax

We can also review your current arrangements, help with new systems, advise you on policy, support your payroll and HR staff, help you choose service providers, and create easy to follow presentations to explain salary packaging to your employees.

Find out the FBT rates and thresholds that impact the 2019/20 year here