A range of employee benefits attracts FBT, including travel and expenses. With the right approach, significant savings can be made while meeting your FBT obligations.
Fringe Benefits Tax (FBT) can be a confusing and cumbersome area for employers and employees, yet many opportunities exist to legitimately leverage FBT concessions.
Simple and compliant FBT systems
Accru can maintain simple and compliant systems for you as well as help you use fringe benefits to their full potential.
Our experienced team assists many clients with the calculation of taxable benefits and the accurate and timely recording of benefits on employee payment summaries. All FBT calculations take into account how the FBT system interacts with other taxes, for example GST, to ensure you comply with all other tax obligations.
Salary packages to attract and motivate staff
Your tax structure can also help you attract and motivate key staff. We can advise on employee share schemes or the most beneficial salary packaging for your needs. Tailored to your individual business, these strategies increase take home pay or benefits for your employees while also minimising your costs and administration.
How Accru can help you
- Registration for Fringe Benefits Tax with the Australian Taxation Office
- Analysis of reporting systems and current procedures
- Reports informing of effective salary packaging opportunities
- Information session to explain salary packaging and reportable benefits to both employers and employees
- Review and lodgment of annual FBT returns
- Consulting advice on specific FBT issues – identifying opportunities, alternatives and providing tax minimisation strategies
- Salary packaging advice:
- Reviewing current arrangements and advise options
- Support for payroll and HR staff, selection of associated service providers
- Assistance with new systems, policies and manuals
- Informative and easy to follow presentations to employees to explain the system and handle queries.