Motivating and rewarding your employees should be easy
In the course of running your business, there may be times when you wish to reward your employees for a job well done or provide them with a incentivising package that may extend beyond the usual form of a salary or wages.
Fringe benefits include rights, privileges or services provided to somebody because they are an employee. The ‘employee’ may even be a former or future employee.
Some examples are when an employer:
- allows an employee to use a work car for private use
- gives an employee a cheap loan
- pays an employee’s gym membership
- provides entertainment by the way of free tickets to concerts
- reimburses an expense incurred by an employee, such as school fees, and
- gives benefits sunder a salary sacrifice arrangement with an employee
The list is broad and accounting for this in financial measures can often be complex. Lister Mason ensures you meet your financial reporting obligations related to FBT and takes the headache out of rewarding or motivating your employees beyond the salary or wages you are providing.