Fringe Benefits Tax (FBT) can be a confusing and cumbersome area for employers and employees, yet many opportunities exist to legitimately leverage FBT concessions.
Primal Accounting can maintain simple and compliant systems for you as well as help you use fringe benefits to their full potential.
Our experienced team assists many clients with the calculation of taxable benefits and the accurate and timely recording of benefits on employee payment summaries. All FBT calculations take into account how the FBT system interacts with other taxes, for example GST, to ensure you comply with all other tax obligations.
Your tax structure can also help you attract and motivate key staff. We can advise you on employee share schemes or the most beneficial salary packaging for your needs. Tailored to your individual business, these strategies increase take home pay or benefits for your employees while also minimising your costs and administration.
We can help you with:
- Registration for Fringe Benefits Tax with the Australian Taxation Office
- Analysis of reporting systems and current procedures
- Reports informing of effective salary packaging opportunities
- Information session to explain salary packaging and reportable benefits to both employers and employees
- Review and lodgement of annual FBT returns
- Consulting advice on specific FBT issues – identifying opportunities, alternatives and providing tax minimisation strategies
Salary packaging advice:
- Reviewing current arrangements & advise options
- Support for payroll and HR staff, selection of associated service providers
- Assistance with new systems, policies & manuals
- Informative and easy to follow presentations to employees to explain the system and handle queries