Food or accommodation provided to employees<\/li>\n<\/ul>\nFBT is calculated using a complicated formula that results in the FBT payable being equal to about 96% of the taxable value of most benefits. It assumes that all employees would pay tax at the top marginal tax rate, which is currently 49%!<\/p>\n
For this reason it is better to have employees pay a contribution equal to the taxable value of the fringe benefits provided, out of a bonus paid to them for the purpose. This is 25% to 90% cheaper than paying Fringe Benefits Tax.<\/p>\n
By now our employer clients should have received a Fringe Benefits Tax questionnaire from us so that we can determine the FBT liability for your business. We will then send instructions to reduce the FBT liability to nothing.<\/p>\n","protected":false},"excerpt":{"rendered":"
Fringe Benefits Tax (\u201cFBT\u201d) is a tax that is imposed on non-cash benefits provided to employees. FBT is payable by the employer, not the employee, although the value of taxable fringe benefits has to be reported on employees\u2019 Payment Summaries. The 2014-2015 FBT year runs from 1 April 2014 to 31 March 2015. If fringe … Continued<\/a><\/p>\n","protected":false},"author":11,"featured_media":2391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[1],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\nFringe Benefit Tax Returns 2014 - 2015 - Astrolabe Accountancy Pty Ltd<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fringe Benefit Tax Returns 2014 - 2015 - Astrolabe Accountancy Pty Ltd\" \/>\n<meta property=\"og:description\" content=\"Fringe Benefits Tax (\u201cFBT\u201d) is a tax that is imposed on non-cash benefits provided to employees. 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Fringe Benefits Tax (\u201cFBT\u201d) is a tax that is imposed on non-cash benefits provided to employees. FBT is payable by the employer, not the employee, although the value of taxable fringe benefits has to be reported on employees\u2019 Payment Summaries.<\/p>\n