ATO reminder about RFB

Written on the 21 March 2014 by Macmillans Waller Fry - Accountants in Maitland

Employers are reminded that the ATO will be focusing on businesses not complying with the Fringe benefits tax (FBT) system in 2013-14.

The ATO will be paying particular attention to those employers who are failing to fulfil their FBT obligations, including disclosing the reportable fringe benefits (RFB) amount.
Employers should be recording the value of fringe benefits provided to each employee.

If the value of certain fringe benefits provided exceeds $2000 in an FBT year (which is 1st April to 31st March) employers need to record the gross taxable value of the benefits on the employee’s payment summary for the corresponding income year (which is the 1st July to 30th June).

Generally, if there is an RFBA, there will be an FBT liability. However, this does not occur where benefits are exempt from FBT because an employee works in or for a public benevolent institution,health promotion charity, hospital, public ambulance service or is a live- in residential care worker.

If employees do not correctly report their RFB amounts in their income tax returns it may affect their government benefits and obligations.
 


Author: Macmillans Waller Fry - Accountants in Maitland

 

Evaluating your social media campaign 

The evaluation part of a social media campaign is often just as important as the campaign itself as it provides insights of consumer behaviours, sales data, and the failures and successes of the strategies and tactics implemented. This is crucial to your company’s future as it will help det...
Read More...


Start saving for the Christmas period early

If shopping centres aren’t even putting up their Christmas decorations yet, then the holiday period may seem to be a concern of the distant future. However, the season has a tendency to creep up on people and can often come with financial burdens. Planning your holiday expenses early can cu...
Read More...

associations

 

 

Who we are

 

What we do

 

Macmillans - Accountants

Address:40 Church Street

Maitland NSW 2320

Phone:02 4933 4444

Fax:02 4933 7781

Email

 

Online PaymentContact Us