P. 07 5536 2111 | F. 07 5536 3933
sullivan rees logo
E.

Our people

Scott O’Neill,  BBus CPA CTA– Director

Scott has been in public practice on the Gold Coast for more than 20 years. This has equipped Scott with a broad knowledge base and the ability to work through various issues whether they are complex Capital Gains Tax issues, GST or Income Tax. Scott has a strong technical background and specialises in taxation, business accounting services and superannuation (Self-Managed Superannuation Funds).

James Sullivan,  BCom CPA – Director
Prior to joining the firm in 1996, James worked with a CA firm in Brisbane for 5 years and spent two years as a financial controller at a quarrying and earthmoving company.  He specialises in Taxation (Income Tax, CGT and GST) with a focus on construction, property development and civil contracting.

Michael Lucas, BBus CPA – Consultant
Michael joined Sullivan Rees in 1983, after two years of experience in Audit in Sydney. He became a Director in 1996, and currently specialises in Superannuation and Taxation – Income Tax, CGT and GST.

Joanne Baker – Office Manager/Corporate Secretarial
Joanne has been with the firm for many years and is responsible for running the office, attending to corporate secretarial activities and enjoys managing client accounts.

Louise Turner, BBus CPA – Senior Accountant
Louise joined Sullivan Rees in 2010 and enjoys assisting clients with their day-to-day accounting, preparing financial statements, income tax returns and activity statements. Louise specialises in business accounting services and taxation services.

Kristy Sankey – Senior Accountant
Kristy has more than twenty years of experience in accounting and finance and enjoys assisting clients with their day-to-day accounting, preparing financial statements, income tax returns and activity statements. Kristy specialises in business accounting services, primary production and taxation services.

Katrina Belcher – SMSF Administrator
Katrina has over 20 years of experience in accounts and manages the administration and processing of Self-Managed Superannuation Funds.

Beccy Butler, BBus CA – Senior Accountant
Becci has worked in various areas of public practice for the last 15 years and particularly enjoys providing business services and assisting people with better taxation outcomes.

Maddy Savage – Reception/Administration
Maddy enjoys assisting clients on a day-to-day basis to find the best outcomes and to coordinate their accounting and taxation needs.

Grace Taylor – Reception/Administration
Grace enjoys assisting clients in coordinating their accounting needs and assisting clients on a day-to-day basis to find the best outcomes.

Accounting
services

In the constantly changing business environment, you can rely on our business services team to be expert, up-to-date and ready at hand to assist you with your business matters...

Business
services

Thinking strategically about future changes in the marketplace can be the key to running a sustainable business...

company
secretarial

Communication and effective administration are essential elements of a successful organisation. Regardless of the size of your business, we are ready to support you...

finance
services

We can help you to secure the essential finance for you and your business....

managing your wealth

We can help ensure that your personal wealth is managed as tax-efficiently as possible. ...

tax services

We regularly deal with a broad range of personal and corporate taxation issues and make a point of understanding the individual needs of every client. Whether you need advice on company tax, personal tax effectiveness or indirect taxation....

Self Managed Super Funds SMSFs

In addition to our normal services, we have a developed specialist knowledge and expertise in Self-Managed Superannuation Funds....

firm news

Understanding Fringe Benefits Tax (FBT) And What It Covers

Posted on April 15, 2024 by admin

For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance.

However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on certain non-cash benefits provided to employees in connection with their employment.

Let’s explore the types of fringe benefits subject to FBT to help businesses navigate this complex area of taxation.

  1. Car Fringe Benefits

One common type of fringe benefit is the provision of a car for the private use of employees. This includes company cars, cars leased by the employer, or even reimbursing employees for the costs of using their own cars for work-related travel.

  1. Housing Fringe Benefits

Employers may provide housing or accommodation to employees as part of their employment package. This can include providing rent-free or discounted accommodation, paying for utilities or maintenance, or providing housing allowances.

  1. Expense Payment Fringe Benefits

Expense payment fringe benefits arise when an employer reimburses or pays for expenses incurred by an employee, such as entertainment expenses, travel expenses, or professional association fees.

  1. Loan Fringe Benefits

If an employer provides loans to employees at low or no interest rates, the difference between the interest rate charged and the official rate set by the ATO may be considered a fringe benefit and subject to FBT.

  1. Property Fringe Benefits

Providing employees with property, such as goods or assets, can also result in fringe benefits. This can include items such as computers, phones, or other equipment provided for personal use.

  1. Living Away From Home Allowance (LAFHA)

When employers provide allowances to employees who need to live away from their usual residence for work purposes, such as for temporary work assignments or relocations, these allowances may be subject to FBT.

  1. Entertainment Fringe Benefits

Entertainment fringe benefits arise when employers provide entertainment or recreation to employees or their associates. This can include meals, tickets to events, holidays, or other leisure activities.

  1. Residual Fringe Benefits

Residual fringe benefits encompass any employee benefits that do not fall into one of the categories outlined above. This can include many miscellaneous benefits, such as gym memberships, childcare assistance, or gift vouchers.

Compliance With FBT Obligations

Employers must understand their FBT obligations and ensure compliance with relevant legislation and regulations. This includes accurately identifying and valuing fringe benefits, keeping detailed records, lodging FBT returns on time, and paying any FBT liability by the due date.

Fringe Benefits Tax (FBT) is an essential consideration for businesses that provide non-cash benefits to employees.

By understanding the types of fringe benefits subject to FBT, employers can ensure compliance with tax obligations and avoid potential penalties or liabilities.

Seeking professional advice from tax experts or consultants can also help businesses navigate the complexities of FBT and develop strategies to minimise tax exposure while maximising the value of employee benefits. Why not start a conversation with one of our trusted tax advisers today?

sullivan rees