Consider Joseph’s case
Joseph runs a retail company and five of his sales staff receive motor vehicles as part of their employment agreement, which are accounted for using the operating cost method.
Outside of work Joseph’s passion is the Western Bulldogs and he loves to give his employees football tickets. Joseph would like to understand his Fringe Benefits Tax (FBT) obligations.
Recreation fringe benefits can be a complex area of FBT. Some key points to be aware of are:
FBT obligations associated with this commonly provided benefit depend on:
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.