Reportable Finge Benefit Amount - Employer Reporting
What should employers report on an employee’s statement of earnings (which most people still call a group certificate)?
An overview might help.
Include an amount if the total taxable value of certain fringe benefits provided to an employee in the preceding fringe benefits tax (FBT) year (1 April to 31 March) exceeds $2,000 for the FBT year.
The employer must record the grossed-up taxable value of those benefits on the payment summary for the financial year that corresponds with the reportable fringe benefits amount.
Don’t imagine for a moment that calculating these figures is easy.
So in the June 2015 employment statement, include the Fringe Benefits in the period ending 31st March 2015.
AcctWeb
Hot Issues
- GST fraudsters to face ‘full force of the law’: ATO
- Social media scams dominate losses in 2024
- Managing your business’s tax debts
- Warning on ATO data matching “lifestyle” assets and your business
- ATO issues alert on guarantee arrangements and Division 7A
- E-Commerce Laws You Must Know To Run An Online Business
- Resources and Tools to help our Clients build their future
- Most Powerful Economies in Europe | 1960-2024
- ATO reveals small business hit list to combat tax debt
- What are the FBT implications of Employee Christmas Parties and Gifts?
- Assess a business before you buy it
- Christmas Parties and Taxi Fare/Rideshare – FBT implications.
- Practitioners cautioned on ATO’s top target areas for GST
- ATO to target growing businesses in latest compliance blitz
- Our SG compliance results are here
- Top 20 Most Watched Christmas Movies ever - pre covid
- A Unique Advent Calendar
- Businesses ghosting the ATO targeted in debt collection blitz
- Claiming the tax-free threshold: getting it right
- Aussies tired of ‘dodgy tax criminals’, warns ATO
- Protect your small business by following these essential steps.
- Super guarantee a focus area for ATO business debt collection
- Controversial ‘Airbnb tax’ set to become law
- Withholding for foreign residents: an ATO focus area
- 1 in 3 crypto owners confused about tax, study reveals
- 20 Years of Silicon Valley Trends: 2004 - 2024 Insights
- ATO reveals common rental property errors from data-matching program
- New SMSF expense rules: what you need to know
- Government releases details on luxury car tax changes
- Treasurer unveils design details for payday super
- 6 steps to create a mentally healthy and vibrant workplace
What our clients say about us