A fringe benefit is a ‘payment’ to employees, but in a different way to salary and wages. Benefits include rights, privileges or services and might include:

• Employees to use a work car for private purposes
• Employees having a cheap loan
• Gym membership for employees
• Proving entertainment (e.g. free tickets to concerts)
• Reimbursement of an expense incurred by an employee, such as school fees
• Giving benefits under a salary sacrifice arrangement with an employee

A fringe benefit is provided in respect of employment and includes taxpayers if they are employees of their own company or trust.

During March clients will receive an FBT questionnaire from Taggart Partners. If you have any questions please contact one of our team members.