Fringe Benefits Tax (Australia)
The fringe benefits tax (FBT) is a tax applied within the Australian tax system by the Australian Taxation Office. The tax is levied on most non-cash benefits that an employer provides "in respect of employment." The tax is levied on the employer, not the employee and will be levied irrespective of whether the benefit is provided directly to the employee or to an associate of the employee.
The tax was first imposed in 1986 and the operation of the tax is described by the Fringe Benefits Tax Assessment Act 1986.
Read more about Fringe Benefits Tax (Australia): Fringe Benefits, Calculation of The Tax Payable, Salary Packaging, Reportable Fringe Benefits
Famous quotes containing the words fringe, benefits and/or tax:
“In the Japanese
tongue of the
mind’s eye one
two syllable word
tells of
the fringe of rain....”
—Denise Levertov (b. 1923)
“One of the benefits of a college education is, to show the boy its little avail.”
—Ralph Waldo Emerson (1803–1882)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)