WhatsApp: +44-7437875635, Call Us:+91-7503070001
Reviews
Answer
Thesis Paper
Philosophy
Home / Assignment / fringe benefits tax
fringe benefits tax 10-07-19
Maddox Smith
0 comment
fringe benefits tax This is a solution of fringe benefits tax
in which we discuss Developing business fringe benefits tax
can help your company
cope with aging systems and limited resources that can lead to fragmented of fringe benefits tax
Introduction
The FBT is a type of tax applied by the Australian taxation office in the tax system of Australia.hence The tax was levied in the year 1986 for the first time. The functionality of this tax is described as per the FBT Assessment Act, 1986. The report will give an overview of fringe benefits tax. therefore It will include services that are claimable for fringe benefits tax and services that are not claimable for FBT. Examples of fringe benefit taxpayers have been incorporated in this report. The report has included the rules and exclusions of fringe benefits tax. FBT FBT stands for fringe benefits tax. . An organization should be aware of tax obligations before providing fringe benefits to its employees. Fringe benefits tax is a type of tax payable by organizations to employees in terms of benefits (FBT, 2018). This tax is often paid to employee’s associate such as family members. It is paid in place of wages and salary. If a company is providing fringe benefits to its employees, it has to register for FBT as recommended by the Australian Taxation Office. Fringe benefits are considered as an important consideration in case of the total compensation package. Employees prefer to stay with an organization due to certain fringe benefit packages. An organization may use fringe benefits in order to retain or hire talented personnel. This would help in creating a motivated workforce in one organization. This guide helps in addressing special treatment and routine of fringe benefits in case of tax preparation. Some benefits are taxable and some are not taxable. Depending upon the benefits, taxpayers can file a return in the future. Health plans are considered as non-
taxable items . Transportation subsidiaries are regarded as taxable but up to a certain level. The guide for fringe benefits tax provides exclusions and rules of tax. Organizations normally provide annual statements of personalized benefits. It lists the value of benefits and regular income that employers provide. This common format explains employee-paid expenses in one side and employer-paid expenses on another side. Some organizations pay premiums on specific insurances along with optional coverage. The statement is useful for generating loyalty of employees and communicating them that they are valuable for organizations. In addition to this, some organizations provide fringe benefits to develop an employee-friendly work environment and attract different types of employees. Some High-tech organizations offer cell phones, iPods and other technologies for the working purpose (Ato.gov.au, 2018)
Online