|
|
|
|
|
|
Residual Fringe Benefit
Essentially, any other benefits you may have provided to employees in respect to their employment are covered by residual fringe benefits. Examples of residual fringe benefits are free or discounted services, such as travel or performance of work, the use of property and the provision of insurance coverage. The provision of vehicles other than cars, (e.g. hire taxis, rental cars, trucks and motor cycles) also fall under this category.
Please call your business adviser at Kreston Dormers to discuss any potential residual benefits you may be providing to employees.
If you require further information or assistance in preparing your FBT return feel free to contact us at fbt@krestondormers.com or on (02) 9874 8038
Contributions to Worker Entitlement Funds
A worker entitlement fund is a trust fund for employee long service leave, sick leave or redundancy payments. These funds are also referred to as redundancy trusts or redundancy funds.
If you are an employer who makes payments to a worker entitlement fund, you need to ensure that the fund is prescribed.
Paying into a prescribed fund will ensure you do not pay FBT on the amounts paid into the funds.
If you require further information or assistance in preparing your FBT return feel free to contact us at fbt@krestondormers.com or on (02) 9874 8038
Exempt Benefits
The FBTAA 1986 has various exemptions relating to every category of fringe benefits. They are not all covered here, however please note the following tax deductible, but FBT exempt items an employer may provide to an employee, called “eligible work related items”.
The “eligible work related items” include:
- 1. Mobile or car phones used primarily in the employee’s
employment
- 2. Protective clothing required for employment of the employee
- 3. Briefcases
- 4. Calculator
- 5. Tools of trade
- 6. Computer software used in the employee’s employment
- 7. Electronic diary or similar
- 9. Notebook computer, laptop or similar portable computer.
Only relates to lighter, portable computers.
Please note the above items must be used primarily by the employee at work.
If you have any queries in relation to any of the above please do not hesitate to contact for further information.
Minor Benefit Exemption
Broadly the minor benefit exemption applies when a benefit provided to an employee is less than $300 and the benefit provided is of a not frequent and irregular nature.
Please contact your Kreston Dormers adviser if you feel this applies to you.
Car Parking Exemption
Please note a car parking exemption may be available for small business employers where the following conditions are satisfied:
 The car is not parked at a commercial car parking station;- The employer is neither a public company or a subsidiary of a
public company;
- The employer’s assessable income is less than $10 million for
the income year ending before the start of the relevant FBT
year or the employer is classified a small business entity (i.e.
aggregate annual business turnover less than $2 million); and
- The employer is not a government body.
Please do not hesitate to contact your adviser at Kreston Dormers should you need to discuss this. |
|
|
|
|
|
How can
we help you?
Contact us
To discuss how we can
help your organisation,
call us on (02) 9874 8038 or
Send us an email
Request for Services
Insights and Blogs
Tell us what you think |
|
|