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Fringe Benefits Tax

Thursday, March 31, 2016

The Fringe Benefits Tax (FBT) is payable by employers on some benefits they provide their employees. The FBT is not included in income tax and has its own separate tax year – from April 1 to March 31. If applicable, employers must lodge their FBT tax return for the year ending March 31, by May 21.

What is a fringe benefit? An extra benefit that is additional to an employee’s monetary wage or salary, for example a vehicle, living-away-from-home allowance or payment for personal expenses.

Do I have to pay the FBT? Not all benefits are taxed, including certain items such as mobile phones, laptops, protective clothing, briefcases and most small benefits valued below $300.

Use the below checklist to identify whether you are providing taxable fringe benefits to employees. If you answer yes to any of the questions, you may be required to pay the FBT.

  • Do employees take home company vehicles?
  • Do employees use company vehicles for personal use?
  • Do you pay for employees’ personal expenses?
  • Do you pay for food, drinks and recreational activities for employees?
  • Do you provide employees with accommodation?

I may need to pay the FBT. What now? Please get in touch with us for more information and/or help lodging your FBT return.

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