Required: page refresh 5. MYOB Practice. Pages Blog. Page tree. Browse pages. A t tachments 7 Page History. Skip to end of metadata. Why did you give this rating? It's hard to find information Instructions are hard to follow Content isn't detailed enough It doesn't fix my software problems. Anything else you want to tell us about the help? It's left blank if the client's TFN doesn't exist in your practice database.
It's left blank if the client's ABN doesn't exist in your practice database. Select Yes or No. Is the employer a trust or partnership? Is the trustee or senior partner an individual or non-individual?
This field is only displayed if the employer is a trust or partnership. Name of trustee or senior partner Type the name if the trustee or senior partner is a non-individual. If the trustee or senior partner is an individual , enter their details in the following fields: Title First given name Other given name Family name Suffix. Was the previous trustee or senior partner an individual or non-individual company, partnership, trust etc Select either individual or non-individual from the drop-down.
Name of previous trustee or senior partner Type the name if the trustee or senior partner is a non-individual. Name of employer It's pre-filled from your practice database. Previous name Type the name of the previous employer. Current postal address Enter the postal address of the client's main business location. Name of the person to contact Type the name and contact details of the main contact person for the client. Number of employees receiving fringe benefits during period 1 Apr to 31 Mar Type the number of employees who received fringe benefits during the period.
Hours taken to prepare and complete this form This field is optional — your answers will help the ATO to monitor these costs. Is the employer expecting to lodge FBT return forms for future years? Grey fields aren't relevant and you can't fill them in.
Don't use commas in any fields. Field What to do Type of fringe benefit Before you can calculate the taxable value of any benefit, you need to identify the category the benefit falls into — the ATO's Types of fringe benefits page describes the categories.
Number For each type of fringe benefit provided, type the number of that type that the client provides to their employees. This only applies to some types of fringe benefit.
Gross taxable value Type the gross taxable value provided for each type of benefit. These are taxed via ESCT. You pay FBT on the cost of the benefit to the employee, eg the cost of the car for the portion of time it's available for personal use. When you first start giving your employees the benefit, you need to register for FBT with Inland Revenue. You can register online or by calling Inland Revenue. FBT categories external link — Inland Revenue.
If you're still not sure how FBT works, it's worth getting professional advice. If you find out too late that you should have been paying it, it can result in a big bill. Your choice might be limited depending on the type of company you have and how much tax you pay each year.
Offsetting expenses against income can help with your tax bill. Skip to main content Skip to page navigation. Fringe benefit tax If you're providing special perks to your employees, like gym memberships or work vehicles for personal use, you're likely to be liable for fringe benefit tax FBT.
Tax Policy. About us. Contact us Contact us Media queries. Employing staff. Attributed and non-attributed benefits Attributed benefits are fringe benefits that only one employee uses, so they are assigned to that person.
From 1 April Single rate The single rate is It is applied to all fringe benefits you provide. Short form alternate rate The short form alternate rate is Full alternate rate The full alternate rate is between Our FBT calculator will do this calculation for you.
Up to 31 March Single rate The single rate is Open all button toggle all accordions. Why offer fringe benefits? To get the best workers for your business, you may want to attract them with certain benefits. For example, you may give employees fringe benefits like: a car for private purposes goods at a discount low interest loans reimbursement for private expenses, such as school fees It's entirely legal to provide fringe benefits, but you must meet your FBT obligations.
What you need to do if you provide fringe benefits. If your business provides fringe benefits to your employees then you need to: register for FBT calculate how much FBT you have to pay keep all records relating to the benefits you provide, including how you calculated the FBT you have to pay lodge a return and pay FBT to the ATO generally by 21 May include reportable fringe benefits on your employees' payment summary or Single Touch Payroll STP income statement. Work events and FBT.
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