Are You ready to Grow Your Business? Get an Appointment

FBT Returns

What are Annual Financial Statements?

We are here to assist you with your Business Activity Statement (BAS) and help you manage your GST obligations. Our team can handle the preparation and lodgement of your BAS to ensure accuracy and compliance with the Australian Taxation Office (ATO) requirements.

Lorem ipsum dolor sit amet consectetur, adipisicing elit. Provident vitae, omnis doloribus nihil quaerat cumque praesentium illo odit mollitia et adipisci recusandae suscipit repellat dolor velit doloremque quia soluta. Nihil.

How Can Amaze Accounting Help You?

Amaze Accounting can provide you with professional advice and guide you through the business registration process required by the various government agencies, saving you time and ensuring your business is set up correctly from the start.

Our Services include:

  • Advice about which business structure best suits your needs: sole trader, partnership, company or trust.
  • Assisting you with the application process for an Australian Business Number (ABN) and a Goods and Services Tax (GST) registration.
  • Helping you register a Pty Ltd Company, Partnership or a business name with the Australian Securities and Investments Commission (ASIC).
  • Guiding you through the process of registering for Pay As You Go (PAYG) withholding with the Australian Taxation Office (ATO) if you plan to employ staff.
  • Assisting you with the licenses and permits required to operate your business.

[FAQ’S]

Top Questions Answered

Our creative and functional designs ensure your technology isn’t just modern, but future-ready.

Fringe Benefits Tax (FBT) is a tax that is applied to certain benefits provided by an employer to their employees, including their family and associates. These benefits can include things like company cars, housing, and private health insurance.

FBT is imposed on the employer, not the employee. Employers are liable to pay FBT on certain benefits provided to their employees.

FBT applies to a wide range of benefits, including: Cars, car parking, and other transport benefits Entertainment and sporting facilities Housing and other accommodation Interest-free and low-interest loans Income protection insurance School fees Travel and accommodation

The value of a fringe benefit is determined by using the taxable value method or the statutory formula method. The taxable value method uses the actual cost of the benefit to the employer. The statutory formula method uses a set formula based on the cost of the car and the number of kilometers traveled.

The FBT return and payment are due on the 21st of the month following the end of the quarter in which the company’s financial year ends.

The FBT rate is currently 47% for the 2021 financial year.

There are several exemptions and concessions available for FBT, such as small business concessions, the remote area housing concession, and the living-away-from-home allowance concession.

Yes, you can get help with FBT from a registered tax agent or from the ATO. They can assist you with understanding your obligations and ensuring that your FBT return is completed correctly.