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What employee benefits apply for FBT

Posted on April 1, 2019 by admin

When an employer provides certain benefits for their staff, they are required to pay Fringe Benefits Tax (FBT). Employers pay FBT on the benefits they present to employees and their families or other associates. The benefit may be in addition to, or part of, an employee’s salary or wages package.

FBT is separate from income tax and is calculated on the taxable value of the benefits that have been provided to employees. The type of fringe benefits employers must pay FBT on include:

Businesses will need to assess their own tax liability within each FBT year, from 1 April to 31 March. Returns must be lodged before the due date on 21 May.

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

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