Are you somebody who receives a fringe benefit as part of your employment?
Things like cars, gym memberships and even car parking can fall into this category when they are provided to you by your employer.
Your reportable fringe benefits amount is used for:
Calculating your liability to the Medicare levy surcharge
Determining your entitlement to the private health insurance rebate
Determining if you can claim a deduction for personal superannuation contributions you made
determining your eligibility for the government co-contribution for personal superannuation co-contributions you made
Determining your eligibility for family assistance payments (Family Tax Benefit Part A and Part B, Child Care Benefit for approved care, Parental Leave Pay, and Dad and Partner Pay)
Working out if you are entitled to reduce your employee share scheme discount
Working out the amount you must repay against your Higher Education Loan Program (HELP),Student Financial Supplement Scheme (SFSS), Student Start-up Loan (SSL), ABSTUDY Student Start-up Loan (ABSTUDY SSL) or Trade Support Loan (TSL) debt
Determining your entitlement to a tax offset for
contributions you made to your spouse’s super
Working out your child support obligations
Working out your entitlement to claim low income supplement or low income family supplement
Determining whether you can offset your business loss against other income.
With so many factors at play, it’s worth your time to spend an hour with us and make sure you are on top of your obligations!
Pm our page for more!