common mistake Archives - Element Business

Why You Should Lodge an FBT Return?

Even though Fringe Benefits Tax (FBT) is designed to capture benefits enjoyed by an employee, it is levied on the employer. Unless your employment agreement allows for any FBT that becomes payable to be recouped from the employee, the employer will have no recourse for reimbursement. So, why should an employer lodge an FBT

Common Mistake: Applying the Minor and Infrequent Benefits Exemptions

By Theresa Allery|2022-03-14T16:53:18+11:00March 14th, 2022|Business, Companies, Fringe Benefits Tax, Uncategorised|

Many employers are unknowingly falling foul of the FBT regime through an incorrect interpretation of the minor and infrequent exemption allowed for benefits that cost less than $300. The most prevalent area where employers find themselves in trouble when applying the minor and infrequent exemption is in relation to the provision of ‘Meal Entertainment’.