Fringe Benefits Tax for Company Work Vehicles
Fringe Benefits for work vehicles arises when an employer makes the vehicle available for private use, whether it be owned or leased. And with the ATO providing clarity on the definition of ‘minor and infrequent’ use, the landscape for penalties changes significantly in the 2019 FBT year.
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Fringe Benefits Tax Basics for the Business Owner
From time to time, employers may try to improve an employee’s engagement by offering them rewards and incentives that add value to the relationship. A fringe benefit is a non-cash benefit with a financial value that you offer to an employee on top of their salary. Any time you are providing this kind of incentive to an employee or their family, the business is liable to pay Fringe Benefits Tax.
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How to Maximize Fringe Benefits Exemptions When Giving
FBT can double the cost of providing benefits to employees if not managed correctly. For this reason, it is important to understand the FBT rules and implications for your business when providing benefits to employees. With proper planning and by keeping costs below certain thresholds, you can maximize your fringe benefits exemptions and keep your well earned money in the bank – to invest on more important things.
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Mark Semmens
Mark is a Chartered Accountant with a wealth of experience in accounting and taxation. Mark is a Member of Chartered Accountants Australia and New Zealand, the Tax Practitioners Board and the National Tax and Accountants Association.
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Daniela Semmens
Daniela Semmens is a Co-Director of Semmens & Co. and joined the company as General Manager in 2017. Daniela is an Affiliate Member of Chartered Accountants Australia and New Zealand and also a Member of the Australian Institute of Project Management.
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