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Topic: Fringe Benefits Tax

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	Comparison Chart
		Fringe benefits can be deducted as business expense.
		Fringe benefits limited for owners who own more than 2% of shares.
		Full tax advantages available only to groups organized for charitable, scientific, educational, literary or religious purposes.
	www.mycorporation.com /comparison.html (429 words)

	Doing Business in Australia - Fringe benefits tax (Site not responding. Last check: 2007-10-16)
		Fringe benefits tax (''FBT'') is a tax payable by employers on the value of certain specified fringe benefits that have been provided to their employees or to associates of those employees.
		A fringe benefit is a benefit that is provided to an employee or an associate of an employee, in respect of the employee's employment.
		In calculating the amount of FBT payable, the taxable value of the fringe benefit is grossed-up to ensure that the amount of FBT paid is the same as the tax that would be paid if an employee received a cash salary and was on the highest tax rate.
	www.msi-network.com /content/doing_business_in_australia_fbt.asp (410 words)

	Fringe Benefits Tax (Site not responding. Last check: 2007-10-16)
		Fringe Benefits Tax instalments are reported in the BAS on a regular basis.
		The FBT instalment is pre-printed on the BAS.
		FBT must be reported (REPORTABLE FRINGE BENEFITS) if an employee receives certain fringe benefits with a total taxable value of more than $1,000 in an FBT year.
	www.geocities.com /einfoimguide/fbt.html (231 words)

	The Hindu : Business / Tax Forum : Fringe benefits tax: implications
		ANSWER: Fringe benefits tax is apparently copied from Australian and New Zealand laws, which are, however, more reasonable, because they are limited to a few listed items, which are really not capable of being taxed in the hands of the employees and reasonably limited to the actual enjoyment of benefits by the employees.
		The tax on such fringe benefits is spared only to the extent of tax paid or payable by the employees.
		If the tax is needed for raising revenue or to plug the tax loss on fringe benefits which go untaxed, it is best done by the simple expedient of better identification of such items in a more rational manner by a study, survey or consultation with responsible quarters.
	www.hinduonnet.com /biz/2005/03/21/stories/2005032101341900.htm (647 words)

	Fringe Benefits Tax (Site not responding. Last check: 2007-10-16)
		While the employee doesn't pay any tax on these fringe benefits, the purpose of FBT is to make salary sacrifice expensive for the employer, essentially FBT costs the employer the same amount that the employee would have saved on the salary sacrifice, so overall the same amount of tax is paid.
		Therefore, a benefit could be providing somebody with use of an item such as a car or house, giving somebody ownership of an item such as a uniform; permitting somebody to enjoy a privilege or facility such as a cheap loan; and providing somebody with a service such as the use of skill or labour.
		The higher FBT of the Type 1 benefit does not affect the value of reportable fringe benefits for such purposes as calculating the employee's ATI, HECS liabilities, income for claiming various tax offsets, medicare levy surcharge etc.
	www.travismorien.com /FAQ/tax/fbt.htm (741 words)

	Fringe Benefits Tax information Kit (Site not responding. Last check: 2007-10-16)
		A "benefit" is widely defined to include any right, privilege, service or facility and, without limiting the generality of the foregoing, includes a right, benefit, privilege, service or facility that is, or is to be provided under an arrangement for or in relation to the performance of work, including work of a professional nature.
		The FBT treatment of the receipt of the abovementioned benefits (which are not in the nature of salary or wages) in the hands of the doctors depends on whether the benefits are provided to the doctors in respect of their employment.
		Where a doctor receives a benefit solely in respect of private practice arrangements and those arrangements are not considered to be in respect of employment, the value of the benefit will most likely be required to be returned as income by the doctor.
	www.dhs.vic.gov.au /ahs/archive/fbt/infokit/2.htm (3272 words)

	Fringe Benefits 2004 (Site not responding. Last check: 2007-10-16)
		Any fringe benefits arrangement is to be voluntary replacement of the existing salary, negotiated on the basis of these guidelines.
		Putting such items on the fringe benefits list is not effective unless there is significant under expenditure by the pastor in which case the difference (or totals) may be taken into the fringe benefits arrangement.
		As a general rule, the negotiated annual amount of fringe benefits to be paid, should be paid during the negotiated 12 month period, and not be carried forward to the next year.
	www.lutheran.com.au /Handbook/fringe1.htm (1537 words)

	Fringe benefits (Site not responding. Last check: 2007-10-16)
		Fringe benefits are benefits which employees or directors receive from their employment but which are not included in their salary cheque or wages.
		For fringe benefits which are taxable, tax is paid on the taxable value of the benefit.
		The value of any of the benefits received must be included in the £8,500, so your salary may be lower than this amount, but you still count as higher-paid due to the value of fringe benefits.
	www.adviceguide.org.uk /nm/index/life/tax/fringe_benefits.htm (2355 words)

	Fringe Benefits Tax Information Kit (Site not responding. Last check: 2007-10-16)
		FBT extends to circumstances where the benefits are provided by "associates" of the employer or third parties ("arrangers") who provide benefits under an arrangement with the employer, and to benefits provided to "associates" of employees.
		In all cases however the tax is levied on the employer and is payable by the employer.
		Under the second limb a fringe benefit will generally arise only if an employer or an associate of the employer knew, or ought to have known that they were participating in, facilitating or promoting the provision of a benefit by a third party.
	www.dhs.vic.gov.au /ahs/archive/fbt/infokit/1.htm (1454 words)

	PIRSA Petroleum - Taxation - Fringe Benefits Tax (Site not responding. Last check: 2007-10-16)
		Employers generally are required to pay FBT on the value of certain fringe benefits they provide to their employees.
		A fringe benefit can be a right (including a property right), privilege, service or facility such as the provision of company cars, subsidised accommodation and travel, entertainment and the like.
		Mining companies benefit from specific concessions in the taxation of benefits provided in 'remote areas' (40km from a population centre of 14,000 or 100km from a centre of 130,000 or more) and in the methods used to calculate some benefits, such as work-related travel in commercial vehicles.
	www.pir.sa.gov.au /pages/petrol/legislation/taxation_fringe.htm:sectID=355&printPage=1&tempID=56 (141 words)

	Business Services - Fringe Benefits Tax (Site not responding. Last check: 2007-10-16)
		FBT on home garaged University Vehicles - the attached spreadsheet provides indicative FBT chanrges based on the annualised kilometres travelled and the GST-inclusive value of the vehicle.
		FBT on Study Courses - This bulletin outlines the FBT impace of study courses, seminars and workshops undertaken by Staff Members and paid for by the University.
		FBT on travel to/from study - This bulletin outlines the FBT impact of travel to/from study courses, seminars and workshops by staff where the travel includes a non-business portion such as a holiday.
	www.ecu.edu.au /msc/bser/tax/tax-8-5-1.html (273 words)

	Expenses - FRINGE BENFITS TAX (Site not responding. Last check: 2007-10-16)
		FBT is assessed annually with the year of tax commencing on 1 April and ending on 31 March.
		A fringe benefit is a benefit provided by an employer (or associate of an employer), in respect of employment, to an employee (or associate of the employee).
		FBT is payable by the University on the taxable value of all fringe benefits provided.
	www.jcu.edu.au /office/fabs/policy/731.htm (2020 words)

	Fringe Benefits Tax (Site not responding. Last check: 2007-10-16)
		The use of the Fringe Benefits Tax Act 1986 and the Fringe Benefits Tax Assessment Act 1986 as the basis for determining the pay-roll taxable value of payments in kind, has simplified the situation for businesses in returning the value of such payments.
		When using the estimate method it is assumed that the value of fringe benefits paid in each state is proportional to the wages paid in that state.
		If this occurs, only the fringe benefit value, as determined in accordance with the FBT Act is to be used in determining the taxable wage total.
	www.osr.nsw.gov.au /portal/page?_pageid=33,63706&_dad=portal&_schema=OSRPTLT (555 words)

	MyCorporation® Incorporate Online, Incorporation Services, Form an S-Corporation
		Another tax benefit of forming a corporation is that select medical and childcare costs may be deductible, which cannot be deducted as a sole proprietor.
		In tax year 2004, a Schedule C filer stood a 1 in 33 chance of being audited.
		What sets a corporation apart from all other types of businesses is that a corporation is an independent legal and tax entity, separate from the people who own, control and manage it.
	www.mycorporation.com /incorporate (1752 words)

	A New Tax System (Fringe Benefits Reporting) Bill 1998 (Bills Digest 87 1998-99)
		The taxation of fringe benefits in the hands of employers was considered necessary in 1986 as the provisions of the ITAA 1936 and paragraph 26(e) in particular were considered inadequate to tax certain benefits in the hands of employees, where such benefits could not be converted into cash.
		An excluded fringe benefit, as defined in proposed subsection 5E(3), is a fringe benefit in relation to the provision of meal entertainment or a car parking fringe benefit or a benefit prescribed by regulations for the purposes of proposed paragraph 5E(3)(c).
		An employee's individual fringe benefits amount is reportable if the total of that individual's fringe benefits amount for the FBT year of tax ending on 31 March in the year of income is more than $1,000.
	www.aph.gov.au /Library/Pubs/bd/1998-99/99bd087.htm (6815 words)

	Fringe Benefit Tax
		Clause (2) of section 115W clarifies that fringe benefit tax shall be payable by an employer even if he is not liable to pay income tax other wise.
		Subsection 2 of S. 115WB provides that fringe benefit tax shall be levied even when activity is carried on, not with an intention of deriving profits or gains, and lists out the following 17 categories of expenses, and an employer shall be deemed to have been provided the fringe benefits if he incurs such expenses.
		The effect of this amendment is that if a fringe benefit tax is payable by any person, and any proceeding has been taken under this Act for the assessment of the tax on fringe benefit tax, such person shall be an assessee for the purpose of this Act.
	news.indiainfo.com /columns/tejinder/050505finance-act-05-analysis-part1-c.html (1058 words)

	TR 97/17A - Addendum - Income tax and fringe benefits tax: entertainment by way of food or drink
		TLAA 1999 amended paragraph (e) of the definition of a 'fringe benefit' in subsection 136(1) of the FBTAA by including new paragraph (ea) to confine the scope of the provision to arrangements covered by paragraph (a) of the definition of arrangement.
		There will be a fringe benefit only if the client knew or ought to have known, that he or she was participating, facilitating or promoting the provision or receipt of the benefit.
		The provision of food and drink to the employee of Company B is not a fringe benefit as Company B did not agree and was not involved in relation to the provision or receipt of the benefit.
	law.ato.gov.au /atolaw/view.htm?docid=TXR/TR9717A/NAT/ATO/00001 (1444 words)

	Kevin Munro & Associates: Fringe Benefits Tax
		Fringe benefits tax ("FBT") is an important issue of interest to both employers and employees.
		For employers, a proper packaging of monetary and non-monetary remuneration would help to ensure that employees are satisfied and motivated to improve productivity and to achieve the goals of the firm.
		For employees, a proper remuneration package would be focused on the maximisation of after tax remuneration.
	www.taxlegal.com.au /ourservices_fringebenefitstrust.htm (147 words)

	The Regional Entry Point - Resource Details - Fringe Benefits Tax - Australian Government (Site not responding. Last check: 2007-10-16)
		For example, a fringe benefit is provided when an employer: • allows an employee to use a work car for private purposes • gives an employee a cheap loan • pays an employees private health insurance costs.
		A car fringe benefit generally arises when a car is owned or leased by an employer and made available for the private use of an employee.
		Some benefits exempt from FBT are laptop computers (one per FBT year per employee), mobile phones primarily used in employment, minor benefits valued at less than $100, some taxi travel and in-house health-care facilities.
	www.regionalaustralia.gov.au /resource.cfm?Resource_ID=10082 (247 words)

	TR 96/26 - Fringe benefits tax: car parking fringe benefits
		The total value of car parking benefits (register) is the amount that would be calculated by using either the commercial parking station, market value or average cost method, assuming that the register had been kept in that FBT year and the value of benefits were calculated in accordance with the information in the register.
		However, it is inappropriate that the taxable value of the benefit be determined solely by reference to the cost of similar nearby car parking where the price of that car parking is artificially inflated by virtue of a monopoly or due to the availability of a captive market.
		In determining the value of the car parking fringe benefit provided by the council to its employees, it is appropriate for a valuer to consider the availability of that free public parking.
	law.ato.gov.au /atolaw/view.htm?docid=TXR/TR9626/NAT/ATO/00001 (5191 words)

	Avoid fringe benefits tax trap - CommentAnalysis - www.theage.com.au
		The FBT system was first introduced to attack the perceived rorting of the tax system by highly paid employees.
		Before the FBT system, employees who packaged their salaries so benefits were paid before tax was deducted were regarded as beating the tax system.
		The FBT has evolved into a tax that can prove to be a problem for the unwary or a tax planning opportunity that should not be missed for the informed.
	www.theage.com.au /articles/2004/03/28/1080412233812.html (714 words)

	The Tax Resource Centre - FBT
		Please select FBT Tracker (EduMail login is required) to proceed to the interactive web site and to process and report your FBT entries and return.
		The document 2005 Annual Reporting Procedures (Word, 57K) is available to schools to assist in the procedures that are to be followed in reporting FBT liabilities, including: Where no liability exists; and where a school does have an FBT liability;motor vehicle benefits; reportable fringe benefits;FBT payments; school council employees; and retention of records.
		Also available is an ATO guide for employers Fringe Benefits Tax (FBT) - A Guide for Employers 2000 which provides a comprehensive outline of the ATO's FBT tax requirements.
	www.sofweb.vic.edu.au /tax/fbt (582 words)

	Fringe Benefits - Manufacturing Tax Tips
		A fringe benefit is a form of pay for the performance of services given by the provider of the benefit to the recipient of the benefit.
		Any fringe benefit you provide is taxable and must be included in the recipient's pay unless the law specifically excludes it.
		The fair market value of a fringe benefit is the amount an employee would have to pay a third party in an arm's-length transaction to buy or lease the benefit.
	www.irs.gov /businesses/small/industries/article/0,,id=100439,00.html (442 words)

	Current Developments in Taxation (Site not responding. Last check: 2007-10-16)
		From 1 April 1999, employers will be required to show the grossed up value of fringe benefits on the group certificates of their employees where the taxable value of the benefit exceeds $1,000.
		Benefits for the FBT year 1 April 1999 to 31 March 2000 will be shown on the group certificate for 30 June 2000.
		The value of fringe benefits reported on group certificates is known as the Reportable Fringe Benefit Amount (RFBA).
	www.users.bigpond.com /acovelli/devel.htm (617 words)

	Understanding the Tax Implications of Fringe Benefits
		Fringe benefits – especially tax-free ones – are an important part of any compensation package.
		However, the tax you pay is usually less than what you would pay privately for such an insurance policy.
		CPAs point out that the total value of all taxable fringe benefits received by an employee must be included in wages reported on the W-2.
	feeonlycpa.com /Advice110301.htm (1050 words)

	The Hindu : National : Relook likely at fringe benefits tax
		The Government may revisit some of the aspects of the fringe benefits tax but was non-committal on the bank cash withdrawal tax in the Union budget for 2005-06 on which critical comments have come from political parties and other quarters.
		The Finance Minister, at the post budget briefing yesterday, had given some indications he was open to suggestions for a relook at the bank cash transaction tax, though he maintained it was not a revenue-generating measure.
		Chidambaram said the move was intended at keeping a tax trail of the fl money transaction but he would not go into details.
	www.hinduonnet.com /2005/03/02/stories/2005030215761100.htm (445 words)

	CELCEE - Fringe Benefits Can Prove A Tax Boon For Business
		Fringe benefits to employees can almost always be used as tax write-offs, since they are business expenses.
		However, fringe benefits must be claimed as income by the employee.
		The business and the individual's tax situation must be considered carefully before giving or receiving benefits.
	www.celcee.edu /abstracts/c20001715.html (83 words)

	Fringe benefits tax to cost India, Inc. Rs 430 crore: Crisil- The Economic Times (Site not responding. Last check: 2007-10-16)
		MUMBAI: Rating agency Crisil Ltd on Thursday said the proposed fringe benefit tax will cost Indian corporates Rs 430 crore while it estimates seven per cent GDP growth in 2005-06 due to the positive proposals announced by Finance Minister P Chidambaram.
		Crisil Executive Director and Chief Economist Subir V Gokarn said the country never had such a favourable macro economic growth environment and it is estimated to touch seven per cent GDP growth in 2005-06.
		He said India's growth story is to move further as there are concrete direct tax initiatives and committed funds towards infrastructure in the Union Budget.
	economictimes.indiatimes.com /articleshow/1039716.cms (244 words)

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