However, many more would use fitness centres with the right regulatory and taxation framework. Currently, only businesses with onsite fitness facilities are entitled to a Fringe Benefits Tax (FBT) exemption for fitness services provided to their workforce. This naturally excludes small and medium businesses without on-site facilities, which account for 70% of jobs in Australia.
Kelly+Partners supports the unlocking of Fringe Benefits Tax (FBT) to extend exemptions to the entire Australian workforce by including fitness services and centres that are independent of the workplace.
At Kelly+Partners, we know first hand that smaller fitness centres don’t have the same resources available as big business, yet are faced with the same level of regulation and compliance obligations. That's why we have a specialist team of accountants and advisors with an indepth understanding of the fitness industry to help you every step of the way.
Kelly+Partners will allocate a client director as your direct point of contact. After sitting down with you to help define your objectives, they will then coordinate the right team of experts to best meet your specific business and personal needs.
Unique to Kelly+Partners, our approach for the fitness industry integrates:
- Cash Flow + Profit
- Financial Strategy
- Accounting + Taxation
- Loans & Financing
- Professional Indemnity, Public Liability and Products Liability Insurance
- Employee Share Schemes
- Exit Planning
To get the most out of your business, contact one of our fitness industry accounting specialists today.