First up, there are some stock standard ways to reduce your FBT. Be sure you review your calculated method every year. You have calculated methods to choose from:
- 50/50 method
- 12-week register method
- Actual method
Every business is unique including yours. The best way to strike the ideal calculated method for your specific business is to try all three on for size. That way you can be sure to optimise your savings.
Some other FBT reduction strategies to take into the new year with you include:
- Fine-tune the microscope on employee meal and entertainment expenses. By making sure your team clearly define these, you can get better data quality to aid compliance and calculation
- Targeted staff training to ensure your people understand the different between travelling and non-travelling employee status
- Create an employee master list to make staff data easier to lay your hands on. You should iron out any duplications this way too
As always, be meticulous in your record-keeping. Having the right expense documentation to hand helps you avoid additional tax too.
Would you like to run some FBT strategies past an expert? Or perhaps you would like some professional inspiration on how you can garner the best possible savings? Ganrid & Associates would be happy to help.