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Don’t Pay More Fringe Benefits Tax Than You Must!
Yet another FBT year comes to a close on 31 March 2014.
Do you provide benefits to employees (including yourself and your spouse)? Not sure about that vehicle just purchased or the prized Ashes tickets you gave to your sales manager? Our experience is that many employers unwittingly provide Fringe Benefits.
The ATO has advised increased FBT audit activity, using data matching processes as indicators are that FBT non-compliance is high.
Simply hoping an audit doesn’t happen isn’t the best policy. We recommend you discuss your potential exposure and compliance obligations with us each year.
Our team is able to:
- assess your FBT risk;
- advise you of record keeping requirements including consequences of not keeping adequate records; and
- discuss the available methods of dealing with fringe benefits to give you the best outcome whilst ensuring you comply with the legislation.
- Minimise the amount of FBT that you pay!
If you need assistance in assessing your exposure to FBT, please contact us.
written by:
McKinley Plowman
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