Fringe Benefits Tax FBT Overview

Fringe Benefits Tax FBT Overview

FBT was introduced into Australia in 1986 by the Fringe Benefits Tax Assessment Act 1986 (“FBT Act”).  It provides that where a benefit is provided by an employer to an employee (or associate) in respect of his or her employment, the employer (not the employee) must...
Salary Packaging – Salary Sacrifice

Salary Packaging – Salary Sacrifice

Salary packaging, also referred to as salary sacrifice, involves an employee sacrificing part of his or her salary in return for benefits (e.g. taking a salary of $120,000 plus a motor vehicle and superannuation and other benefits as opposed to taking a salary of...
FBT issues that raise ATO attention

FBT issues that raise ATO attention

With the FBT year-end just around the corner, it is a good time to review your FBT compliance to avoid raising attention from the Australian Tax Office (ATO). The ATO is currently targeting the following rules for FBT: Motor vehicles Situations where an...
FBT parking exemptions for small businesses

FBT parking exemptions for small businesses

It is quite common for small businesses to provide their staff with car parking benefits, however, many business owners may not take into account the effect parking has for fringe benefits tax (FBT) purposes. Fortunately, if you are a small business, car parking...
Car Salary Packaging

Car Salary Packaging

Car salary packaging will not always save you money, despite what salary packaging firms would have you believe. In fact in some circumstances it can cost substantially more than buying a car in your own name. Recently I reviewed a quote from a salary packaging firm...