We have arrived at the end of the year for Fringe Benefits Tax (FBT) purposes. This is the 2018 FBT year ending on 31 March 2018.
So what does this mean and is it relevant for you?
Well it is relevant for any business which holds a motor vehicle or provides benefits to its staff (including directors) such as entertainment and non-business benefits.
If any of the following applies to you and your business, FBT could be relevant:
- there is a vehicle held in your buisness name
- any vehicle in the business is used for non-business purposes
- you provide gifts or other non-cash benefits to staff
- you provide food / drink by way of entertainment to you or your staff from the business
- the business provides other private benefits to team members
Any business where the above may be relevant it is time for these benefits to be analysed for any potential FBT liability. It could well be that any liability can be dealt with at a later point such as in the 2018 compliance work. It could also mean a FBT return needs to be prepared which will need to be lodged and paid by 25th June.
The team at EASE will be in touch with clients we feel are relevant for this who we need to review and manage any potential FBT liability.
If you’re not sure or want to discuss this in the meantime we strongly encourage anyone to get in touch for an obligation free chat.
Contact Sian on 0401 192 333 or firstname.lastname@example.org