Fringe Benefit Tax is a benefit provided in respect of employment. We provide comprehensive advice on Fringe Benefit Tax and ensure you meet your obligations while minimising the FBT impact on your business. We can also assist you with calculating, reporting and lodging the FBT return.
We provide a vast array of Fringe Benefit Tax services which broadly fall into the following categories:
- Planning for FBT
- Small Business Concessions
- Taxation Minimisation
- Motor Vehicles
- Home Offices
- Personal Expenses
- Salary Sacrifice
- Exempt Benefits
Planning for FBT
We can provide comprehensive advice on Fringe Benefit Tax and assist you with registering FBT. Once you are registered, we can help you with the planning process to ensure all the relevant documentation are in place to accurately prepare and lodge the FBT return on time.
Small Business Concessions
We can assist you to analyse your business and determine if you are eligible for the small business concessions.
We can assist you to manage your FBT affairs that attracts no more tax than what you are legally obliged to pay.
Cars are the most common type of fringe benefit provided to employees. We can assist you to plan for FBT and ensure you are not paying more tax than what you are legally obliged to pay.
Careful planning around your business travel can ensure you do not fall into any tax traps and you protect as much of your travel costs as efficient tax deductions as possible.
Careful planning around the design and cost management of your home based work facilities can enhance your tax deductions and protect your home from unintended tax costs.
A wise client of ours once stated that if its over $2 then its tax deductible. Whilst that may have been a little ambitious, it has served us well as a reminder that good documentation can assist with maximised tax deductions. We can help you understand what is a tax deduction and how to source and retain appropriate documentary evidence to protect your claims.
This can be a complex but highly tax efficient area for your tax planning and when done properly it can reproduce lasting benefits to you and your employer. We can provide comprehensive advice on salary sacrifice that may be considered as fringe benefits or exempt benefits.
FBT is a complex and highly legislated part of our taxation landscape. The Abbotts Group specialise in managing the structures and supporting documentation to make your tax costs associated with FBT lower and to ensure your ongoing management costs associated with these laws are as cost efficient as possible.
Like most things to do with money and governments the free things are very hard to find. The government does not advertise them widely and they would rather you didn’t use them. The Abbotts Group however are like the blood hounds of tax deductions and free tax rides. We know where the hidden gems are kept and we know how to utilise them to their maximum advantage.
David is our Tax Specialist and has worked in the tax and accounting field since 1982. David spent several years early in his career working in the ATO. He joined the Abbotts team in 1997 and became a Partner of the Practice in July 2000.
Contact Abbotts today to learn about our taxation services
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