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Insightful future is our futureMARCH 2017Accounting Newsprint BENEFITS ARE YOU COMPLIANT? As the end of the FBI (Fringe Benefits Tax) year comes to an end the FBI year is from 1st April to 31st March

How to fill out fringe benefits tax

How to fill out fringe benefits tax

1. To fill out fringe benefits tax, follow these steps:
2. Obtain the necessary forms from the tax authority or download them from their website.
3. Gather all relevant information and documents like employee details, salary packaging arrangements, types of fringe benefits provided, etc.
4. Fill in the required details accurately on the forms, including identification information, benefit amounts, and any applicable exemptions or concessions.
5. Calculate the taxable value of each fringe benefit provided by using the appropriate valuation method prescribed by the tax authority.
6. Consolidate the total taxable value of all fringe benefits provided.
7. Complete the declaration section, sign, and date the forms.
8. Submit the filled-out forms and any necessary supporting documents to the tax authority by the specified deadline.
9. Retain a copy of the completed forms and supporting documents for your records.
10. Pay any fringe benefits tax liability as calculated or claim any eligible refunds or benefits.
11. Keep up-to-date with any changes in the fringe benefits tax regulations and obligations to ensure ongoing compliance.

Who needs fringe benefits tax?

1. Fringe benefits tax is applicable to employers or businesses that provide non-cash benefits to their employees or associates.
2. This tax is required for employers who provide fringe benefits such as company cars, expense payments, entertainment, employee discounts, loan arrangements, etc.
3. Generally, if an employer provides benefits to their employees beyond the agreed salary or wages, they may be liable to pay fringe benefits tax.
4. However, specific exemptions, concessions, and thresholds may apply depending on the jurisdiction and the nature of the fringe benefits provided.
5. It is recommended to consult with a tax professional or refer to the tax authority's guidelines to determine if fringe benefits tax is applicable to your situation.

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What is fringe benefits tax?

Fringe Benefits Tax is a tax on benefits that employees receive as a result of their employment, in addition to their salary or wages.

Who is required to file fringe benefits tax?

Employers who provide fringe benefits to their employees are required to file fringe benefits tax.

How to fill out fringe benefits tax?

To fill out fringe benefits tax, employers need to report the grossed-up taxable value of fringe benefits provided to employees on their annual FBT return.

What is the purpose of fringe benefits tax?

The purpose of fringe benefits tax is to ensure that employees are taxed on the benefits they receive from their employer, in addition to their regular income.

What information must be reported on fringe benefits tax?

Employers must report details of the fringe benefits provided to employees, the grossed-up taxable value of those benefits, and any exemptions or concessions claimed.