Each year on 31 March, the Fringe Benefit Tax (FBT) year comes to an end.
Fringe benefits are non-monetary benefits provided by a business to its employees, owners and associates.
The most common benefits are cars, entertainment, and the payment of expenses such as internet and mobile phone bills.
To ensure FBT obligations are met, we send all of our Business Clients an FBT Questionnaire on 1 April each year. This Questionnaire requests that a series of questions are answered, then returned to our office for processing.
We then determine if your Business has any FBT obligations.
If there are no obligations, you will be informed and no fee is charged for this service.
If you do have FBT obligations, we will prepare the necessary calculations, forms and lodgements.
It’s important to note that FBT rules and exemptions can be complex and are subject to change, so it’s recommended to seek advice from a tax professional for more information and to ensure compliance with FBT regulations.