The $88,000 FBT Trap

Now that we have your attention, this is exactly what happened to a taxpayer when the Taxation Office audited their fringe benefits provided to employees. The $88K tax bill related to just one employee and their motor vehicle benefit. 

Wow, it really can add up. So when does Fringe Benefits Tax or FBT apply? 

It applies to employers where they provide non-cash benefits to past, current or future employees. The most common form of fringe benefit is motor vehicle.

If you believe that FBT may apply to you, then please contact us immediately so that we can assess your circumstances more fully. Please note that your FBT return should be completed, lodged and paid with the Taxation Office by 27 May, 2011.

If you would like to discuss your taxation position, then please do not hesitate to contact Chris, Peter or one of the team at Complete Business Strategies.