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An accounting network spots some considerations for fringe benefits tax (FBT), including the rate change and the tax office’s audit activity, as the FBT year draws to a close.
For the 2018 FBT year, from 1 April 2017 to 31 March 2018, employers must pay FBT at a rate of 47 per cent on the grossed-up taxable value of fringe benefits, down from 49 per cent in 2016 and 2017 to account for the temporary budget repair levy.
Read the full article on Accountants Daily.