Australian Fringe Benefits Tax Guide for Employers in 1 Volume

The book "Understanding Fringe Benefits Tax in Australia" by Bernard Marks is a comprehensive guide for employers in Australia, focusing on the intricacies of Fringe Benefits Tax (FBT). Here is a detailed overview:

Key Themes

1. Introduction to FBT: The book provides an introduction to the concept of FBT, explaining how it works and its significance in the Australian tax system.
2. FBT Categories: It covers the various categories of fringe benefits, including expense payment benefits, property benefits, and residual benefits.
3. Calculating FBT: The guide includes detailed instructions on how to calculate FBT liabilities, including the grossing-up of taxable values and the application of FBT rates.
4. Record Keeping: It emphasizes the importance of maintaining accurate records for FBT purposes, highlighting the requirements for record keeping and the duration for which these records must be retained.
5. Reportable Fringe Benefits: The book discusses the reporting requirements for fringe benefits, particularly focusing on the need to record the value of fringe benefits exceeding $2,000 in an FBT year.
6. Exempt Benefits: It covers exempt benefits, explaining which benefits are exempt from FBT and income tax, and providing examples such as travel expenses for employment interviews and selection tests.

Plot Summary

The book is structured to provide a step-by-step guide for employers to navigate the complexities of FBT. It starts with an introduction to the basics of FBT, followed by detailed chapters on the different types of fringe benefits and how to calculate their taxable values. The guide also includes sections on record keeping and reporting requirements, ensuring that employers are compliant with Australian tax laws.

Critical Reception

While specific reviews of the book are not readily available, the publication history suggests that it has been a trusted resource for many years. The book has been updated multiple times, with the third edition being published in 1991, indicating its relevance and utility in the field of FBT. The comprehensive nature of the guide, coupled with its updates, likely makes it a valuable resource for employers seeking to understand and manage their FBT obligations.

Editions

• First Edition (1989): The first edition was published in 1989 and contained 568 pages.
• Third Edition (1991): The third edition, published in 1991, included 586 pages and was likely updated to reflect changes in FBT legislation and regulations.

In summary, "Understanding Fringe Benefits Tax in Australia" by Bernard Marks is a seminal work that provides a thorough understanding of FBT for employers in Australia. Its comprehensive coverage and periodic updates make it a trusted resource in the field of taxation.