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.