Do you have a fringe benefits tax liability this year?

 

31 March 2014 marks the end of another Fringe Benefits Tax year . Have you provided any fringe benefits to your employees during the last year? If you answer “yes” to one or more of the following questions, you may be providing fringe benefits to employees and may have to pay Fringe Benefits Tax:

  • Do you provide a motor vehicle to any employee or their family member?
  • Have you paid/reimbursed any expense on behalf of an employee?
  • Do you provide property or goods to employees that are normally sold as part of the business?
  • Do you provide food and drink to your employee? Do you have a Christmas party?
  • Do you provide tickets to concerts, sporting events or other event for the benefit of your employees or their family members?
  • Do you provide salary packaging options to your employees?

In today’s environment where the data matching capabilities of the ATO are improving every year, CIB Accountants & Advisers can help identify any potential fringe benefits and reduce your business exposure. Reducing the risk profile of your business with the ATO can also be achieved by keeping accurate records and meeting your other ongoing tax obligations.

For help on managing your Fringe Benefits Tax exposure give us a call at CIB Accountants & Advisers and ask for Joel Halbert or Graeme Bellach.