Answer the following questions about the Fringe Benefits Tax (FBT) obligations of a building and construction business to the Australian Taxation Office (ATO)

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Assessment Task 1 - Knowledge Assessment

15. Answer the following questions about the Fringe Benefits Tax (FBT) obligations of a building and construction business to the Australian Taxation Office (ATO).

  1. Define fringe benefits.
  2. Identify one type of fringe benefit.
  3. Who shoulders the burden of Fringe Benefits Tax?
  4. Identify one legislation that governs the assessment and collection of Fringe Benefits Tax.
  5. Who are required to register for Fringe Benefits Tax?
  6. What tax return do you have to lodge with the ATO when you have an FBT liability to report?
  7. Why do you have to differentiate between a contractor and an employee for fringe benefits tax purposes?

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