Important tax updates that may effect you

Article by Moore Stephens

The end of the 2010/11 fringe benefits tax (FBT) year, 31 March 2011, has passed and that means, that FBT returns will soon need to be lodged.

A fringe benefit is basically a benefit which does not represent salary and wages and is provided to somebody because they are an employee. However, not all benefits are subject to FBT. Certain benefits such as superannuation contributions are specifically exempted from FBT.

Where we usually prepare the FBT return for your business, we ask that you collect all relevant FBT records relating to any benefits provided, such as:

• motor vehicles;
• car parking;
• meal entertainment;
• expense payments; and
• living away from home allowances;