walker wayland —

— keep reading

Fringe Benefit Tax explained

by | Jun 28, 2022 | Uncategorized

Do you treat your employees to benefits including; cars available for private and free use, subsidized or discounted goods or services? If these benefits are enjoyed as part of their employment, you, as an employer, are liable for Fringe Benefit Tax (FBT).

Employers pay tax on benefits provided to employees or shareholder-employees, even if the benefits are provided through another person/entities. Employers also pay FBT if the benefits are provided to or enjoyed by associates of the employees or shareholder employees.

Examples of Fringe Benefit Taxes

  • work vehicles available for personal use
  • subsidies on gym memberships or insurance
  • discounted goods and services

Exemptions to Fringe Benefit Tax

For questions about filing you FBT and if you are liable to it, talk to you Walker Wayland Accountant.