ATO warning on FBT
The Australian Taxation Office (ATO) has warned taxpayers to be aware of avoiding fringe benefit tax (FBT) when repaying a loan from an employee share trust.
Tax commissioner Michael D’Ascenzo said he was concerned that some employers had not considered the potential consequences that may result from the provision of such benefits, and the application of FBT.
“An employer in such an arrangement needs to ensure that they include the taxable value of the benefit provided in its FBT liability. An employer who fails to do so could be subject to penalties,” he said. D’Ascenzo also advised employers who were unsure of their situation to seek independent advice or contact the ATO.
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