Home » fbt Christmas parties are a great way to thank staff and clients for their time and support over the year. If you are hosting a function for your clients that require your staff to attend, remind your staff that this is a work commitment, albeit a relaxed event, and to behave accordingly. The …
Is the work Christmas party subject to Fringe Benefits Tax? Read More »
Finally, it looks like there will be a change to the Fringe Benefit Tax (FBT) relating to taxis. There has been confusion and frustration over whether employers are entitled to the FBT exemptions available to taxis when they use an Uber and similar ride-sourcing services. The ATO had previously confirmed that “taxi” only referred to …
Car fringe benefit contracts entered into after 16 July 2013 can no longer use the Statutory Formula method, and must instead use the Operating Cost method. Thankfully, cars under existing contracts can continue to use the statutory formula for the remainder of the arrangement or until the contract is materially varied or changed. The result …
Don’t be fooled into thinking that because a vehicle is a dual cab ute that it is automatically exempt from FBT and it can be salary sacrificed. Firstly it must meet the criteria of MT2024 or being specifically listed on the ATO list of exempt dual cab utes. Secondly, private use must be limited to: …