Life Interests Testamentary Trusts

WHAT IS FBT

Fringe Benefit Tax (FBT) time is just around the corner, the FBT year ends on 31 March.  FBT is a tax levied on businesses for benefits that it provides employees in addition to their normal pay (see below for examples).

Common Fringe Benefits include:

  • Vehicles where the vehicle is provided for employees and is available for personal use
  • Car parking benefits
  • “Entertainment” such as meals, drinks, tickets to an event, or even a holiday
  • Loans to employees at reduced interest rates
  • Paying for personal expenses – school fees, health insurance, bills, providing accommodation

For more information visit: https://www.ato.gov.au/General/Fringe-benefits-tax-(fbt)/

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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