Accountants Tweed Heads

Sullivan Rees is a specialist accounting firm situated in Coolangatta (Gold Coast) and Tweed Heads (Tweed Coast) providing accounting, taxation and compliance services to small businesses, self-managed super fund trustees, individuals and property developers primarily in the Gold Coast, Coolangatta and Tweed Heads.

We provide professional accounting and tax services to individuals, businesses, retirees and self-managed super fund trustees. Most of our clients are locals from the suburbs of Coolangatta and Tweed Heads.

The Coolangatta team at Sullivan Rees delivers services including preparing financial statements, tax returns and cash flow budgets that go beyond compliance to meet the tailored needs of our clients. Our services are designed to offer you strategies to build your revenue, maximise your profits and grow your personal wealth.

Sullivan Rees provide specialised advice in the establishment and administration of a self-managed super fund (SMSF). We are experienced in mentoring business start-ups to help fast track your business to success. Our expertise covers a range of industries, in particular, property investors, property developers and civil contracting and construction.

Our professional team of Coolangatta based accountants are dedicated to extensive professional development to ensure you receive timely and accurate accounting and tax advice. Our services extend to business planning strategies to best meet the strategic needs for small to medium sized businesses. We pride ourselves on our hands on practical approach to business, tax and financial services. As we work with you to use the right accounting software, you will find fast turnarounds on compliance based work and tax returns.

At Sullivan Rees, we aim to deliver personal service every time with our accessible Coolangatta location, after hour appointments and ongoing communication. If you are interested in taking a more innovative approach to your accounting, tax, business and financial needs call us today on 07 5536 2111.

Free consultation
Book a free, one hour initial consultation to discuss your financial needs and you will receive practical business, tax, and financial advice. Arrange a time to talk with us by simply calling 07 5536 2111 or send us a message to arrange a meeting.

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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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?

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