Do You Owe FBT Tax? (Fringe Benefits Tax)
The end of the Fringe Benefits Tax Year is fast approaching. March 31 2008.
Will you owe FBT?
The Tax Office has issue a rough checklist, as a guide only.
I have listed the questions below.
If you are currently an employer this checklist will help you work out if you are providing a fringe benefit to your employees.
If you answer yes to any of the following you may be liable for fringe benefits tax.
Do you make cars or other vehicles owned by the business available to employees for private use including a car garaged at the employee’s home?
Do you provide loans at reduced interest rates to employees?
Have you released an employee from an owed debt?
Have you paid for, or reimbursed, an expense incurred by an employee?
Do you provide a house or unit of accommodation to your employees?
Do you provide employees with living-away-from-home allowances?
Do you provide entertainment by the way of food, drink or recreation to your employees?
Are you a tax-exempt organisation that has provided food, drink or accommodation to employees?
Have you provided property, either free or at a discount, to employees?
Do any of your employees have a salary package arrangement in place?
Have you provided your employees with goods at a lower price than they are normally sold to the public?
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Next time we may discuss how to reduce your FBT to nil even if you answered yes to one or more of the above questions
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Note: Remember to buy your laptop BEFORE March 31 to maximise your tax benefits.
If you are looking for a laptop: http://www.bargainseeker.com.au
Regards,
Glenn Wallace
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