Fringe Benefits Tax Return

Frequently Asked Questions for FBT

1. What is a Fringe Benefits Tax Return?
   A Fringe Benefits Tax Return is a tax return that reports the typically non-cash benefits provided to employees (other than their salary or wages) which may be subject to FBT. It ensures that your business is compliant with the Australian tax laws.

2. Why is FBT important for my business?
   FBT compliance is essential to avoid unexpected tax liabilities and penalties. It’s a tax imposed on employers, so proper management of your FBT return helps ensure that you only pay what is necessary, thereby protecting your cash flow.

3. How do you minimise my FBT liability?
   We review your current fringe benefits arrangements, identify areas for improvement, and implement tailored strategies that ensure you take advantage of all available concessions and exemptions.

4. Can Munro’s help with other tax matters?
   Absolutely. In addition to FBT returns, we offer a comprehensive range of services including business accounting, tax planning, business advisory and asset protection – all designed to support you during every stage of business.

5. Are your FBT services available Australia-wide?
   While Munro’s is based in Perth, our FBT specialist services are available to organisations throughout WA and Australia.

6. How can I be sure your approach works?
   Our clients frequently highlight our responsiveness, specialist knowledge and the peace of mind we provide. With over 100 5 star Google reviews praising our proactive approach and reliable service, you can trust our process.

7. What is the price for your FBT service?
   Our pricing is transparent and reflects the complexity of your specific needs. Please refer to our pricing page and contact us for a personalised quote.

8. How do I get started with your FBT return service?
   Simply follow the steps mentioned below or start with a free Get To Know Each Other meeting.

Getting Started With Your Fringe Benefits Tax Return

To ensure we can complete your FBT return for the period 1 April to 31 March accurately and efficiently, please follow these steps:

1. Complete our FBT Questionnaire
   Send us an email to obtain a copy of our most up-to-date FBT Questionnaire, which will help us cover all aspects of fringe benefits that your business may provide.

2. Complete the Relevant Schedules
   Depending on your responses, you will need to complete the corresponding Excel workbooks which will also be provided with the FBT Questionnaire. Below provides a breakdown of the potential information required:

   • Motor Vehicles:
     • Question: Does your business own or lease vehicles provided to employees or their associates?
     • Action: If YES, please complete Excel Workbook A (Motor Vehicle Summary).
   • Expense Payments:
     • Question: Have you paid or reimbursed any expenses on behalf of an employee (or their associate) (e.g., fuel, medical, club subscriptions, rent, private telephone, restaurant meals, school fees, etc.)?
     • Action: If YES, please complete Excel Workbook B (Expense Payment Fringe Benefits).
   • Loans:
     • Question: Has your business loaned money to an employee (or their associate)?
     • Action: If YES, please complete Excel Workbook C (Loan Fringe Benefits).
   • Entertainment:
     • Question: Did you provide any form of entertainment (such as restaurant meals, prizes or alcohol) to an employee (or their associate)?
     • Action: If YES, please complete Excel Workbook D (Entertainment Summary).
   • Housing and Board:
     • Question: Have you provided accommodation to an employee (or their associate)?
     • Action: If YES, please complete Excel Workbook E (Housing Summary).
   • Car Parking:
     • Question: Does your business provide car parking facilities to employees (or their associates)? Additionally, if a commercial parking station is available within one kilometre that charges more than $10.40 per day at the beginning of the FBT year, further details are required.
     • Action: If YES to the initial question, and if required based on the exemption criteria, please complete Excel Workbook F (Car Parking Summary).
   • Living Away From Home Allowance (LAFHA):
     • Question: Have you paid an allowance to any employee to compensate for living away from home?
     • Action: If YES, please complete Excel Workbook G (LAFHA).
   • Other Benefits:
     • Question: Did your business provide any other type of benefit not covered by the above categories?
     • Action: If YES, please complete Excel Workbook H (Other Benefits).

3. Return the Completed Questionnaire and Schedules
   Once you’ve completed the questionnaire and any applicable Excel workbooks, please return them to us. This information is essential for us to accurately determine which fringe benefits apply to your business, scope the services you require, send you an engagement agreement and subsequently – if you choose to engage our services – prepare and lodge your FBT return.

If you have any questions or require assistance with any part of the questionnaire or workbooks, please do not hesitate to contact us.