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Follow on Google News | Are you required to pay Fringe Benefits Tax?By: Chan & Naylor The benefits a director of a company or trust receives may be subject to FBT, which is separate from income tax and is computed based on the taxable value of the benefits. Note that the FBT year runs from 1 April to 31 March. Are you required to pay Fringe Benefits Tax or FBT? If you provide benefits to your employee or associates or if the benefits are for a third party under an arrangement or associate of an employee, you may need to pay FBT. You are providing fringe benefits if you: • Allow your employee to use a company car for private purposes • Give your employee a discounted loan • Provide entertainment through restaurant meals, free movie or concert tickets • Pay for your employee's gym membership • Or reimburse expenses like school fees, etc. • Note that charities may also be considered as fringe benefits Every year, employers need to assess their FBT liability and lodge an FBT return before the due date. TAX TIP: Payments or reimbursement of expenses which would otherwise be tax deductible to an employee is not subject to FBT. If an employee salary packages such expenses they could save tax as the employer can claim back the GST and the employee packages the expense net of GST. What can you do? If you would like to know more about Fringe Benefits Tax, check the Chan & Naylor (http://www.chan- Whether you are a beginner, seasoned investor or business owner, we can give you guidance to maximise the financial areas of your life. We can give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more. Schedule a chat or call any of our local offices near you. If you like what you are reading, subscribe to our newsletters now at www.chan-naylor.com.au or follow our Facebook page: https://www.facebook.com/ Chan & Naylor Group has nationwide offices in Brisbane (http://www.chan- Disclaimer (http://www.chan- End
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