Fringe Benefits Tax - 2020

Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to their employees or their employees' family or other associates . This is separate to income tax and is calculated on the taxable value of the fringe benefits provided. The FBT year runs from 1 April to 31 March.

Trade businesses, in particular, usually have vehicles or other assets that are used by employees for private purposes. It is important for business owners to identify this usage and report to the Australian Taxation Office (ATO). 

In ATO compliance, tax planning, Compliance, FBT

New Requirements for Employee Payments - Are You Ready for STP?

From 1 July 2019, tax and super information needs to be sent to the ATO each time payroll is run and employees are paid. The new reporting requirement is called Single Touch Payroll (STP) and is currently available through most payroll, accounting and business software.

In Accounting, ATO compliance, Bookkeeping, Payroll, small business, Compliance, New Legislation

Fringe Benefits Tax - 2019

Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee's associate e.g. a family member) in place of salary or wages. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided. Trade businesses in particular usually have vehicles or other assets that are used by employees for private purposes. It is important for business owners to identify this usage and report to the Australian Taxation Office (ATO). We will prepare your FBT returns for you and lodge them with the ATO.

In ATO compliance, tax planning, Compliance, FBT