What Is Fringe Benefits Tax? (FBT)

Accounting On Purpose

If you’re a business owner you’ve probably wondered what is fringe benefits tax at some point. In this episode I explain in depth exactly what fringe benefits tax is and how the fringe benefits tax in Australia works.
In order to understand fringe benefits tax you first need to understand exactly what is a fringe benefit. Fringe benefits are a non monetary benefit that an employer uses to go over and above for their staff (essentially). It’s a way of incentivising, rewarding or thanking without adding to their current income and thereby creating more business and income tax.
In this episode I also want to show you how fringe benefits tax and not-for-profits are often overlooked but potentially beneficial to you as a not for profit.
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