Tax Preparation Services in Penrith

1. FBT (Fringe Benefits Tax) and it's types: Tax Education 101 Fringe benefits tax is a benefit provided to an employee by an employer, or an associate, or a third party under the arrangement. This tax is interesting. Let's see more about it.

2. Tax Preparation Services in Penrith A payment to an employee in a different form, except salary or wages is a fringe benefit. An employee includes the following for fringe benefits tax (FBT) purposes: ● current, future, or past employee ● director of a company ● The payee of a trust who works in the business. But getting this information alone is tough, so you should hire a tax agent for Tax Preparation Services in Penrith.

3. Here are examples of fringe benefits ●The director of a company allowing an employee to use a work car for private purposes ●giving an employee a discounted loan ●paying an employee's gym membership ●free tickets in concert provide entertainment ●compensating an expense that is incurred by an employee, such as school fees ●Providing benefits under a salary sacrifice arrangement with an employee.

4. A fringe benefit does not include the following: ●salary and wages ●the shares which is purchased under approved employee share acquisition schemes ●employer contributions to complying super funds ●employment termination payments which includes the gift or sale at a discount of a company car to an employee on termination ●payment of amounts deemed to be dividends ●benefits provided to volunteers and contractors ●Exempt benefits like certain benefits provided by religious institutions to their religious practitioners.

5. Tax Preparation Services in Penrith Employers pay fringe benefits tax or FBT on certain benefits they provide to their employees, families, or other associates. Even if a third party provides the benefit under an arrangement with the employer, then also FBT is applied to them. FBT is not included in income tax; it is separate from it and is calculated on the taxable value of the fringe benefit. The employer or the tax agent from Tax Preparation Services in Penrith must self-assess their FBT liability for the FBT year, that is, 1 April to 31 March, and lodge an FBT return.

6. Contact Us Contact Name - AAA Tax Agents 7 Tussock Drive, Ropes Crossing NSW 2760 ABN : 19 193 850 310 info@aaataxagentservices.com.au 0452 064 151 Visit Us https://aaataxagentservices.com.au/