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EXPENSE PAYMENT FRINGE BENEFIT DECLARATIONThis form is to be completed when: the business portion of an invoice is paid as a ONCE OFF or AD HOC basis via Accounts Payable; and the expense does not
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How to fill out fringe benefits tax fbt

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How to fill out fringe benefits tax fbt

01
To fill out fringe benefits tax (FBT), follow these steps: 1. Determine if your business is eligible to pay FBT. Generally, businesses that provide fringe benefits to their employees are liable to pay FBT.
02
Identify the fringe benefits provided to your employees. These may include company cars, expense accounts, entertainment, and non-cash benefits.
03
Calculate the taxable value of each fringe benefit provided. This involves determining the grossed-up taxable value of each benefit.
04
Add up the total taxable value of all fringe benefits provided during the FBT year.
05
Complete the FBT return form, providing all the required information including details of the employer, employees, fringe benefits, and their taxable values.
06
Lodge the FBT return by the due date and pay any FBT liability owed to the tax office.
07
Keep records of all relevant documents and calculations for future reference and possible audit.

Who needs fringe benefits tax fbt?

01
Fringe benefits tax (FBT) applies to employers or businesses that provide fringe benefits to their employees or associates.
02
Employers who provide perks or benefits on top of salary or wages, such as company cars for personal use, discounted loans, gym memberships, and entertainment expenses may be liable to pay FBT.
03
It is important for employers to understand the FBT rules and thresholds to determine if they need to report and pay FBT.

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Fringe Benefits Tax (FBT) is a tax applied to the value of certain benefits provided by an employer to their employees, in addition to their salary or wages. It includes benefits like cars, loans, and entertainment.
Employers who provide fringe benefits to their employees are required to file FBT. This includes businesses, non-profit organizations, and government entities.
To fill out FBT, employers need to gather records of all fringe benefits provided, calculate the taxable value of those benefits, and complete the FBT return form as specified by the tax authority.
The purpose of FBT is to ensure that employees are taxed on the non-cash benefits they receive from their employers, creating a level playing field between salary and benefits.
Employers must report details such as the type of benefits provided, the taxable value of these benefits, and the total FBT liability.
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