FBT Solutions

Interested in Salary Packaging?

Yes, I'm an employer  Yes, I'm an employee

Call: 02 8079 2924

Month: February 2013

What is the total cost of a $1,100 taxable fringe benefit?

1.  FBT – $1,056
2.  Payroll Tax – $113 (average)
3.  Workers Compensation – $103 (estimate)
4.  Benefit acquisition (less GST) – $1,000

Total cost = $2,272 = no good for salary packaging!

ATO Get Serious on FBT

Current & Planned Audit activity

1.5,000 PAYG audits
2.400 audits – 34% outside FBT system
3.10,000 education letters – 3% registering for first time
4.Encourage voluntary disclosure
5.Tax agent focus

The future:

1.Cars 62% of revenue – increased data matching
2.FBT education with registration / glove box
3.A new form of FBT audit: Short & Sharp
4.Apply penalties more firmly
5.Falsified logbooks
6.LAFHA audits 12 months away

Frequently overlooked fringe benefits

1.PR costs – application + consulting fee
2.Spouse / family travel
3.Meals provided to non travelling employees
4.Meals provided to non travelling clients
5.Meals provided to non travelling spouses (incl. clients)
6.Health insurance
7.Taxi from “non place of work” to home
8.Visa renewals
9.LAFHA Food – statutory amounts
10.NEW FOR 2013 – Temporary Accommodation

GST & Income Tax issues with 3, 4, 5 & 7

Access to Australia’s largest database of car parking rates

1.Report signed off by a Registered Tax Agent

2.Easy to use format for FBT return preparation
3.Quick turn around
4.Flat pricing of $350 + GST per location
5. Discounts for multiple sites
6.Competitive pricing – we will beat any written quote by 15%

Saves you time and all the hassle

Saves you money and reduces your tax risk

If you think you’ve paid too much FBT in the past – let us organise a FBT refund for you