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FBT & Salary Packaging

 

Whether your personal or business tax, we can ensure you are always up to date with the ever-changing and complex world of taxation.

 

Fringe Benefits Tax (FBT) can be an important part of your overall remuneration structure including salary sacrificing arrangements. FBT can be considered as a strategic remuneration tool to assist employees or it can be a compliance matter that needs to be monitored and met each year. However you view it, our Tax specialist team can assist.

FBT is payable by employers for benefits paid to an employee (or an employee’s associate ie 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.

There are many different benefits that can attract FBT therefore it is important to know where you might have additional tax for benefits paid to employees or not. It can apply to both ongoing arrangements and to single transactions. It is also important to consider whether the FBT is an additional employment cost or is factored into the overall remuneration package.

Our Tax Specialists are here to assist with all your FBT & salary sacrificing queries including:

  • Annual FBT lodgements
  • Review of benefits provided and whether FBT is an issue or not
  • Review of proposed benefits or employment arrangements such as living away from home allowance and any FBT issues
  • Assistance with documentation to mitigate FBT exposure for the business
  • Assistance with FBT reporting for other payroll issues, such as payroll tax and WorkCover
Contact our Tax Specialists today on (03) 9835 8200 or alternatively fill out the form below and we will be in touch.

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