Fringe Benefits Tax
At the 31 March every business that is paying Fringe Benefits Tax should have recorded odometer readings of each motor vehicle. Fringe Benefits Tax is payable on fringe benefits made available to employees including car, loan, debt waiver, expenses payment, housing, board, airline transport, living away from home allowance, entertainment, car parking (in some cases), property and residual fringe benefits.
There are 13 categories. If a benefit does not fit into any of the other 12, it will be classified as a Residual Fringe Benefit. The Fringe Benefit Tax year runs from 1 April to 31st March each year.
Fringe Benefits Tax returns have to be lodged by the 28 May (if the return is being prepared by accountants and taxation agents).
If you believe you are paying fringe benefits and have not previously lodged a return, or you would like to have a discussion with us relative to Fringe Benefits Tax, please contact us.