Fringe
Benefits Tax - Effective from 7:30pm EST, 13th May 2008
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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