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| Fringe
Benefits Tax - Effective from 7:30pm EST, 13th May 2008 |
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Dated: May 2008
The following four
popular salary sacrificed fringe benefits tax concessions have been
amended to reduce their benefit to employees.
- Exemption
for work related items limited to one a year and must be used primarily
for work purposes (includes mobile phones, laptop computers, personal
digital assistants and tools of trade;
- No income tax
depreciation deduction for employees of FBT exempt items (e.g. packaged
laptop);
- Salary sacrifice
of interest payments on jointly held investments - otherwise deductible
rule will only apply to employee's proportion of the legal entitlement
to the investment; and
- Meal cards
and other meal benefits provided for consumption on the employer's
business premises - these benefits are FBT exempt but from 13th
May 2008 the exemption will not be allowed where the benefit has
been salary sacrificed
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