If it is fringe benefit tax, you're providing something in lieu of the income to your staff or to yourself as a shareholder of a company. So, if the company is providing you, as the director/shareholder, with some benefits, you have to pay fringe benefit tax. For example, if I say, "Hey, you're working for us, I'll give you a house and you don't have to pay me rent. But instead of offering you an $80,000 salary, I offer you a $70,000 salary." The problem is, for that $10,000 less, he's not paying tax, and you're claiming all those house expenses as an expense for your business, and nobody pays tax on that benefit that is being received. That's the concept behind it. So, most hospitality businesses provide free lunch or dinner for their staff. Another thing that usually happens is with the car. If you have a company car and use it for personal use, then you have to pay for each fringe benefit tax. So, make sure that you monitor your fringe benefit tax. If you're not sure, have a chat with us or with your accountant. Please subscribe here to make sure that you receive all the up-to-date videos in our channel.
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Fringe Benefit Statement Form: What You Should Know
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