Fringe benefits in Australia refer to benefits provided by an employer to employees that differ from traditional wages or salaries. Examples of fringe benefits include provision of a car that is allowed for the private usage by the employees or their family members. Employers are obligated to pay tax on these benefits, which involves self-assessing annually and lodging a dedicated fringe benefits tax return. At Lotus Smart, we can connect you with a skilled consultant who can help you with filing forms correctly as well as claiming deductions or GST credits to which you’re entitled.
The specialist accountants at Lotus Smart can assist employers with computing their fringe benefits tax to employees and the preparation of their annual FBT tax return. You can rely on us to provide cost-effective advice on the various measures that can be used to minimise your FBT liability. Whether you’re reporting a salary sacrifice fringe benefit or something else, we can help.
It’s important to remember that fringe benefits tax is separate to income tax and is calculated on the taxable value of the fringe benefits provided by employers to employees or their associates. If you’re wondering “where can I find someone near me who can assist with fringe benefits tax in Australia?”, our team in Clayton, Melbourne can be by your side. We also help clients in and around:
Look no further than Lotus Smart for the best fringe benefit tax advice. If you have questions you want to ask about how we can help your business, or if you’re ready to book a consultation with one of our accountants, you can reach us via phone or email. Click here to find our contact details online.