Have you paid too much Fringe Benefits Tax (FBT)? We have worked closely with many clients to detect overpaid FBT and in some cases, amounting to over $200,000.
It’s easy to claim too little or too much. There can be significant penalties if you underestimate the FBT you owe. On the other hand, you could be overpaying your FBT.
The Australian Taxation Office continues to develop smarter ways to track down unpaid tax – including FBT. They have established an FBT audit task force to recover an FBT gap of over $1 billion – so it’s important that you are following all the compliance requirements correctly.
Has COVID impacted your FBT claims?
Dealing with FBT issues can be complicated at the best of times. However, the pandemic has created a range of additional FBT considerations for businesses this year.
Many employees changed work habits that impacted on fringe benefits. For example, people used their cars less often to travel to meetings and worksites, and corporate entertaining became a rarer event.
It therefore may be necessary to re-examine FBT claims for some employees. The William Buck team can offer you reliable, current advice on your FBT affairs.