Does your business have a Fringe Benefits Tax Liability?
Fringe benefits tax (“FBT”) is a tax paid on certain benefits you provide to your employees or your employees’ associates. FBT is separate from income tax and is based on the taxable value of the various fringe benefits you provide. The FBT year runs from 1 April to 31 March.
Since its inception in 1986, calculating FBT has become highly technical and complex. Our team of tax specialist have extensive experience in guiding businesses through FBT and offer pragmatic, straight forward advice and assistance.
How we help
- Review the FBT treatment of specific benefits and opportunities to potentially reduce liability
- Understand your systems and compliance processes
- Annual FBT compliance obligations – including reviewing and/or preparing your FBT return
- FBT software to support return preparation
- Identifying available exemptions and concessions
- Reviewing and assessing FBT for living away from home including foreign placements
- Payroll reporting obligations
Azure Group provides effective salary packaging for taxable, concessional and exempt benefits provided to employees of either private or not-for-profit sector and examine the interaction between GST, FBT and non-deductible expenditure for income tax.
We specialise in identifying and valuing reportable fringe benefits and keep up to date on recent changes to legislation, latest rulings and Australian Tax Office (ATO) data-matching process.