Streamline Your Fringe Benefits Tax Compliance with Our Expert Guidance
Since the Fringe Benefits Tax (FBT) applies to non-cash benefits, it is not typically included in payslips and can be easily overlooked by employers & employees. Let our team of business accountants and tax experts in GM Egan help you stay on top of your FBT compliance.
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Avoid Hefty Tax Debts with Our Fringe Benefits Tax Services
If FBT is not calculated and no FBT tax return is submitted for several years, businesses may accumulate significant tax debts that could catch them off guard and reduce their cash flow. Let us help you avoid that with our comprehensive FBT solutions:
The Fringe Benefits Tax is a tax imposed on specific non-cash benefits given by an employer to an employee or an employee’s associate, like a family member. The Fringe Benefits Tax rate is determined based on the taxable value of the benefit. Let us help assess those fringe benefits to calculate your business’s FBT obligations accurately.
After determining the FBT rate, the next step is lodging your Fringe Benefits Tax return with the ATO. You can rely on our team of experienced accountants to prepare and submit your FBT returns to ensure your business meets all regulatory requirements.
Since FBT isn’t detailed on payslips, businesses need extra measures to document the benefits. GM Egan’s accountants can guide you in maintaining comprehensive records and documentation to support your FBT filings or returns.
We go the extra mile by delivering proactive advice on structuring employee benefits to optimise tax efficiency and reduce FBT liabilities. Let’s work closely to be more strategic with your tax planning
Our Fringe Benefits Tax solutions in Australia extend to employees, too. Your business can tap us to help your employees understand the implications of fringe benefits on their tax obligations
Why Choose GM Egan for Your Fringe Benefits Tax Needs?
When dealing with Fringe Benefits Tax exemption or return, you need an expert eye. Here are some of the reasons many companies pick us to assist with their FBT needs:
Local Expertise
Over the years, we have developed in-depth knowledge of the Illawarra business landscape. That enables us to deliver FBT solutions that meet local requirements or stay relevant to Illawarra businesses like yours.
Personalised Service
Some benefits subject to FBT include car benefits, accommodation benefits & entertainment benefits. The rules and exemptions related to FBT can be quite complex and vary based on the type of benefit and the employee’s situation. That’s why we tailor our service to each client.
Proactive Approach
Easily overlooked, the Fringe Benefits Tax can be a huge problem for businesses. Count on our team to help your business stay on top of that and be updated with recent changes in FBT regulations in Australia.
Technology-Driven Solutions
We keep our Fringe Benefits Tax solutions prompt and efficient by leveraging advanced tax software that assures accuracy in all aspects of FBT management.
Continuous Support
We’re committed to providing ongoing support and tax advice, helping you streamline your FBT management and keep your business compliant with ATO all year.
Contact Us Today
GM Egan ensures our clients’ Fringe Benefits Tax returns are lodged accurately and promptly. That’s how we help you accrue hefty tax debts. Contact us today to learn more about our FBT solutions for businesses in the Illawarra region.