Salary packaging has been less attractive over the last few years with the higher FBT rate and restrictions being placed on some of the popular FBT concessions. With the FBT rate change from 1 April 2017, it’s important to review all existing arrangements and make sure that everyone understands – employers and employees – what…
Log books need to be kept by employers using the operating cost method for FBT purposes so that they can estimate and validate the business use percentage of a car. The more personal use the more tax paid. Anyone who has been through this process knows it is time-consuming, particularly where there are multiple cars.…
Fringe Benefits Tax (FBT) rate to decrease 1 April 2017 The FBT rate change is because of the 2% Debt Tax (Temporary Budget Repair Levy) on high-income earners which imposes a 2% levy on every dollar of a taxpayer’s annual taxable income over $180,000 from 1 July 2014 until 30 June 2017. The FBT rate…