Fringe benefits tax is a tax employers pay on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. The tax is levied on most non-cash benefits that an employer provides to employees including but not limited to:

• Car fringe benefits
• Car parking fringe benefits
• Entertainment and fringe benefits
• Expense payment fringe benefits
• Loan fringe benefits
• Debt waiver fringe benefits
• Housing fringe benefits
• Board fringe benefits
• Property fringe benefits (including property, goods or shares)
• Residual fringe benefits (benefits not covered by the above categories)

If you are a director, shareholder, associate or employee of a company or trust or a director of a corporate trustee of a trust, benefits you receive may be subject to FBT. The FBT year runs from 1 April to 31 March. Fringe benefits tax is separate to income tax and is calculated on the taxable value of the fringe benefits provided.

There are different categories of benefits and FBT is calculated in accordance with the methods relating to the category they fall into.

We at Carmelo Mirabile & Co will be able to assist you with all your FBT needs.