Term Definition
FBT taxable amount

Payments which are liable as a fringe benefit for fringe benefits tax are also considered to be taxable wages for payroll tax returns.

FBTA Act

...the Fringe Benefits Tax Assessment Act 1986 of the Commonwealth.

final liability

In a final period, the difference between the amount of payroll tax an employer has to pay in that period and the sum of the amounts they paid in periodic returns during that period is their final liability.

final period

If a business has a change of status, a return is due for the final period, which starts on the latest of 1 July, when the employer registered or the last time such an event happened. The final period ends the day before the relevant change occurs.

final return

If a business changes its status, a final return must be submitted - even if it is outside the normal return period - to pay outstanding amounts or get a refund.

financial year

Each year commencing on 1 July.

fixed periodic deduction

An employer who is the DGE of a group, or is not in a group but pays interstate wages, can calculate a fixed periodic deduction for specified return periods.

fringe benefit

The same meaning as in the FBTA Act but does not include:

(a) a tax-exempt body entertainment fringe benefit within the meaning of that Act; or

(b) anything that is prescribed by the regulations under this Act not to be a fringe benefit for the purposes of this definition.

 

A non-monetary benefit that an employer gives an employee in return for their services. The value of these benefits needs to be included in an employer’s taxable wages.

function

A power, authority or duty.