Does your business provide fringe benefits of any type to its employees or their associates? The FBT year runs to the 31st March and requires the preparation of an FBT Tax Form declaring all taxable benefits, even where they are reduced to nil by employee contributions. Typical fringe benefits covered include: cars, entertaining at sporting events and restuarants, providing housing accomodation, payments towards private schooling and health care premiums, just to mention a few. If you need help with understanding the application of this tax to your business, please contact us. Fringe Benefits Tax is one of the few taxes that is tax deductible to the business (in most cases). There is a handy link on the ATO site for your quick reference at Guide To Fringe Benefits Tax
