fringe benefits tax
This is a solution of fringe benefits tax in which we discuss Developing business fringe benefits tax can help your company cope with aging systems and limited resources that can lead to fragmented of fringe benefits tax
The FBT is a type of tax applied by the Australian taxation office in the tax system of Australia.hence The tax was levied in the year 1986 for the first time. The functionality of this tax is described as per the FBT Assessment Act, 1986. The report will give an overview of fringe benefits tax. therefore It will include services that are claimable for fringe benefits tax and services that are not claimable for FBT. Examples of fringe benefit taxpayers have been incorporated in this report. The report has included the rules and exclusions of fringe benefits tax.
FBT stands for fringe benefits tax. . An organization should be aware of tax obligations before providing fringe benefits to its employees. Fringe benefits tax is a type of tax payable by organizations to employees in terms of benefits (FBT, 2018). This tax is often paid to employee’s associate such as family members. It is paid in place of wages and salary. If a company is providing fringe benefits to its employees, it has to register for FBT as recommended by the Australian Taxation Office.
Fringe benefits are considered as an important consideration in case of the total compensation package.
Employees prefer to stay with an organization due to certain fringe benefit packages. An organization may use fringe benefits in order to retain or hire talented personnel. This would help in creating a motivated workforce in one organization.
This guide helps in addressing special treatment and routine of fringe benefits in case of tax preparation. Some benefits are taxable and some are not taxable. Depending upon the benefits, taxpayers can file a return in the future. Health plans are considered as non-
. Transportation subsidiaries are regarded as taxable but up to a certain level. The guide for fringe benefits tax provides exclusions and rules of tax.
Organizations normally provide annual statements of personalized benefits. It lists the value of benefits and regular income that employers provide. This common format explains employee-paid expenses in one side and employer-paid expenses on another side. Some organizations pay premiums on specific insurances along with optional coverage. The statement is useful for generating loyalty of employees and communicating them that they are valuable for organizations.
In addition to this, some organizations provide fringe benefits to develop an employee-friendly work environment and attract different types of employees. Some High-tech organizations offer cell phones, iPods and other technologies for the working purpose (Ato.gov.au, 2018)
New and existing businesses are liable since to pay fringe benefits tax if they are paying fringe benefits to their employees. All types of businesses like a sole trader, Government organizations, partnerships, and corporations are accounts for paying fringe benefit tax in case of they are paying fringe benefits to their employees. Employers can lodge FBT return by electronic mode in terms of standard business reporting (Business.gov.au, 2018).
pay and types of benefits provided by them. It also includes the taxable amount of each type of fringe benefit and total contributions made by employees for certain benefit types. Essential documents needed before filing a return are FBT returns for each year and instructions for this return.
since The report has explained the overview of fringe benefits tax, its advantages, and disadvantages. . therefore Some examples of fringe benefits are car parking, low-interest loan, vehicles, electronic devices, movie tickets, movie tickets, food coupons, and others. Both new and existing businesses offer fringe benefits to employees in order to retain and attract to talents for performing business operations. therefore Employers can pay FBT payments through electronic mode, tax agent and post. It is essential to file a tax return before the date prescribed by the Government.
hence Ato.gov.au. (2018). Retrieved from https://www.ato.gov.au/General/fringe-benefits-tax-(fbt)/how-to-report,-lodge-and-pay-fbt/
Ato.gov.au. (2018). Retrieved from https://www.ato.gov.au/law/view.htm?Docid=SAV/FBTGEMP/00001&PiT=99991231235958
Buchan, H., Olesen, K. and Carberry, H., 2013. Fringe benefit tax on motor vehicles: Complexity and compliance cost. New Zealand Journal of Applied Business Research, 11(2), p.59.
Buchan, H., Olesen, K., & Carberry, H. (2013). Fringe benefit tax on motor vehicles: hence Complexity and compliance cost.since New Zealand Journal of Applied Business Research, 11(2), 59.
Business.gov.au. (2018). Retrieved from https://www.business.gov.au/finance/taxation/fringe-benefits-tax
Commbank.com.au (2018). hence Retrieved from https://www.commbank.com.au/guidance/consumer-finance/60-second-guide-to-fringe-benefits-tax-201606.html
hence FBT. (2018). Retrieved from https://www.ato.gov.au/Rates/FBT/
Federation.edu.au. (2018). Retrieved from https://federation.edu.au/staff/business-and-communication/finance-at-feduni/taxation/fbt
therefore Federation.edu.au. (2018). Retrieved from https://federation.edu.au/__data/assets/pdf_file/0018/38061/FBT_What_is_it.pdf
Hg.org. (2018). Retrieved from https://www.hg.org/legal-articles/fringe-benefits-giving-perks-to-employees-7753
Lignier, P., & Evans, C. (2012).since The rise and rise of tax compliance costs for the small business sector in Australia.
Wolterskluwer.com.au. (2018). Employment Taxes – FBT | Wolters Kluwer | hence Australia. Retrieved from http://www.wolterskluwer.com.au/tax/employment-taxes—fbt
Assignment Help Australia [A14] provide fringe bebefits tax in affordable prices and we are providing most flexible assignment