Fringe Benefits Tax Service
Fringe benefit is a type of compensation which your company provides to all the potential employees working for you. These benefits includes everything from paid leaves, retirement savings and health insurance to user-friendly work arrangements, standing desks, coffee and more. But the fact is, you always need to pay the tax for these benefits received. In order to handle this scenario effectively, our professionals are here to guide you and assist you in all regards.
To deliver best services to clients and maximize the growth of the business you need to attract competitive and talented staff. Providing good financial incentives to employees is a strategy to boost up their motivation and loyalty. Your employee can be former employee, current employee, future employee or employee on contract. There are number of benefits that employer can give to employee such as financial benefits on cars, accommodations, car parking, loan, etc. Whenever you plan to provide fringe benefit to your employees you must know about the tax obligations that are connected to this benefit. We also deliver healthy advice on fringe benefit tax effects on business proposals you have planned so that you can make better decisions.
Benefits that do not come under fringe benefit category
- Employee has relocated to some other place so the expenses required to help in relocation
- Low cost benefit
- Protective clothing
- Tools and equipment use for trading
- Mobile phones
Make sure you know FBT obligations before you go for it
Fringe benefit tax is another discipline of tax which is as complicated and confusing as other disciplines are. That is why many people do not make correct lodgment of fringe benefit tax and become a target of ATO audit. If you are not aware of the consequences or pros and cons of fringe benefit tax rules, then let us do the job for you. We are committed to provide you the best advice to ensure you are compliant to fringe benefit tax requirements.
Important steps to consider
If you are planning to provide fringe benefit to your employees and you are not sure how to prepare your business for this process, we at HHAccountant can help you in this regard. You need to
- Register your business with ATO.
- Keep important financial records up-to-date.
- Make sure that you are sending accurate data for registration
Benefits of outsourcing fringe benefits tax to a reliable accounting firm
We offer help in fringe benefit tax to the companies or non-profit organizations who find it difficult to handle along with other business responsibilities. By outsourcing fringe benefit tax service, you can have the following benefits:
- We have well-developed system for your company to be easy to understand which fully complies to fringe benefit tax
- Outsourcing fringe benefit tax services means that you are saving your money and time, you don’t have to hire a full-time accountant to deal FBT nor you have to spend time on FBT issues, your outsourcing company can do the job for you.
- Your hired outsourcing agency can manage salary packaging system, employee enquiries and much more.
- Actionable advice on different calculation methods when planning for FBT
- ATO approved techniques and methods with a confidence that we will left no stone un turn to avail all the tax-reducing opportunities
- Daily or weekly communication with our experts will give complete information about ins and outs of fringe benefit tax
- No hidden charges, we offer affordable packages for different services
- Fringe benefits tax like all other taxes changes every season and we aim to keep ourselves and our clients updated with the change in laws and provide them with the perfect advice on fringe benefits tax return and preparation.
- By outsourcing FBT services you will ensure that our team will work closely with you on salary packages to find out the ways to legally reduce fringe benefits tax as low as possible.
How we can help
we provide advice and guide lines to prepare your business for fringe benefit tax. Our experienced advisors are familiar with the change in tax laws, they will help you in minimizing the tax liabilities. We can also help businesses to use fringe benefits to its maximum potential so that they do not miss any opportunity provided by the FBT rules. While fully complying with ATO rules and regulations we can offer advice on different issues such as reducing tax legally, utilizing opportunities, advice on different salary packages, review your past and current financial or salary package system. We help businesses in simplifying the complicated accounting system and also comply with the ATO standard. With our guidelines and advice, you will come to know everything that is required to understand how FBT works, its consequences and how you can reduce the tax burden. We keep ourselves connected with your staff for the better control and timely response. Our FBT experts can help you in understanding and align the whole process, they will help you in
- Identifying what is FBT and how it works
- Registering your business for fringe benefit tax
- Identifying when you will be to have fringe benefit
- Linked FBT to salary
- Determining which fringe benefit category your business needs as there are different rules for different for different benefits
- Identifying the right time to have tax exemptions
- Effective communication with your employees
- Correspondence with ATO on FBT issues
- Identifying ways to save your money
- Organizing and maintaining fringe benefit record
- Identifying ways to minimize taxes legally
Fringe benefits tax involves multiple reporting and compliance liabilities. These kinds of complicated obligations can be made simple and reasonable if you join hands with the perfect accounting and tax consulting firm, who is able to provide you the right advice at the right time. Contact us today and discuss the fringe benefits tax issues with our professionals and get better guidance. We ensure that our clients get what they are looking for their business needs.
Contact us today and discuss the fringe benefits tax issues with our professionals and get better guidance.