FBT (Fringe Benefits Tax) – LODGEMENT DATE
Recent political machinations around the valuation of car benefits for FBT purposes have been the trigger for many to revisit their salary packaging arrangements, so there is no better time than now to speak to your Client Manager about whether you are taking full advantage of the most tax effective Motor Vehicle FBT arrangements.
As the 2014 FBT year approaches (March to April) we take the opportunity to remind you of the following:
- the benefits and imperatives of salary packaging
- examples of the ‘number-crunching’ that needs to be done to determine whether salary packaging a car is tax effective
- some other salary packaging tips and traps, including
- packaging work-related items
- packaging meal entertainment expenses
- what salary packaging may or may not mean for reportable fringe benefits, and why it matters
- FBT developments that have taken place in the past 12 months.
Please contact your Client Manager at Chan & Naylor to determine whether you need to lodge an FBT Return, they will help determine the best way to manage your FBT requirements and the best strategy to follow so as to minimise your FBT costs.
Regards Ed Chan
Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.