May 29, 2019 Pat Mannix

Fringe Benefits Tax Is a Nuisance

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

Fringe Benefits Tax is a shocker…

  • too much complexity and compliance involved
  • too much paperwork
  • no great benefit to anyone at all

It’s particularly frustrating for our small business clients, as they often have work-related car use or take their employees out for lunches or social functions.

The paperwork involved in these situations is ridiculous.

Recently, Tony Greco, while talking to AccountantsDaily, has expressed a similar opinion.

He believes that “the government will be unlikely to abandon fringe benefits tax despite its high compliance cost to revenue intake ratio in the absence of holistic tax reform.”

As I’ve mentioned in a previous video, employers have to wear the administrative cost, rather than the government, which is difficult for small businesses to bear.

Greco thinks this is a “hidden cost” from a government perspective.

Thankfully, at Paris Financial, we do know how to handle it. We’re small business tax champions and have wrapped our heads around the complexities involved.

So if you need assistance, you can contact us.

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

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