Fringe Benefit Tax.... what's the idea?

The Fringe Benefit Tax to be imposed by the government as proposed in the new budget session would put a lot of people into a twist of Tax calculation and correct return filing.
The fringe benefit tax is based on the universal principle of cost to company which means all reimbursements made by the employee from the company will fall under this tax category. Even the expenses such as Travel, Lodging and Telephone bills will not be spared. This means every small and big business owners will have to keep account of the expense categories and then calculate and declare appropriately at the time of return filing. This seems quiet a hell lot of work for small business owners, the simple fact of keeping account of all such kinds of expenses and categorizing them under appropriate groups seems illogical for small business owners.
Read the complete story here to know all about the Fringe Benefit Tax.

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