Yes that’s right, it’s Fringe Benefits Tax time again! *Like our tax system isn't complicated enough already*

Saturday marks the end of the FBT Year. Yes, that's right it's a completely different year for fringe benefits tax than it is for your normal income tax.

So what does that mean to business owners? Most businesses that have Employees (that includes yourself) will be caught in the Fringe Benefits Tax System.

If you provide your employees with a benefit other than Salary/Wages/Bonuses/Super then you are likely to be providing Fringe Benefits to your employees. Now just to make things interesting some benefits you provide employees will attract an actual tax whilst others will be exempt. The bad news is that even if you don’t have to actually pay any tax on these benefits you still have to prepare that dreaded return & keep all the necessary records to prove your exemptions.

What do we mean by a benefit other than Salary?

If you provide your employees (including yourselves) with a car, mobile phone, gifts, access to sporting event tickets, entertainment or even just put on a Xmas party you will be providing Fringe Benefits to your employees & will be required to complete a return.

Don't stress though! We will take care of that for you.

So what records do I have to keep?

Some examples include maintaining a log book for your vehicles, declarations of private use for Mobile Phones etc and actual Entertainment Benefit Records. We will be in contact with you today to ensure we have your odometer readings. We will gather the other information from Xero & let you know over the coming weeks what else we need from you.