April 5, 2017

Recent Changes to Fringe Benefits Tax

Fringe Benefits Tax (FBT) is due at the end of March, but there have been some changes made to how it’s calculated this financial year. Here we take a look at what these changes are, and how they could affect you and your business. Who pays FBT? Your employer pays FBT on your behalf, if you receive fringe benefits as part of your employment. Fringe benefits are only judged to be reportable if they are not included in your salary payments and amount to over $2,000 for the financial year. Your reportable fringe benefits have to be shown on your annual payment summary. Fringe benefits of your job can include: Company car Health insurance premiums School fees or childcare costs […]