The table below outlines the key tax return labels that can alert the ATO that an employer may have some FBT exposure. DISCLOSURE ITEM / RETURN LABEL FBT RISK Fringe benefit employee contributionsItem 6, Label I of the ‘C Return’Item 46, Label T of the ‘T Return’ The disclosure of income at this label confirms …
Are you providing employee benefits other than salary due to COVID-19? If so, you could be up for fringe benefits tax. FBT is complex, but we can assess whether exemptions apply to your business or assess any liability.
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