Employees pay the full applicable rate of FBT on all taxable
salary packaged benefits (47% of the Grossed-Up Value of benefits).
These employees are able to make significant savings by salary packaging FBT exempt,
Otherwise Deductible and concessionally taxed benefits which have
no FBT payable, or attract FBT at a reduced rate (due to benefit specific
concessions).
Household Expenses
|
Remote Area Housing
|
|
|
Remote Area Housing Assistance
|
Lifestyle Expenses
|
|
Novated Lease
|
|
|
Associate Lease
|
|
Airport Lounge Membership
|
Portable Electronic Devices*
|
|
Ipad/Tablet
|
|
|
Laptops, Notebooks
|
|
|
Mobile Phones & Accounts
|
|
|
Electronic Diary, Palm Pilot, PDA
|
Employer Provided
|
|
Employer Provided Childcare
|
|
|
Living Away From Home Allowance (LAFHA)
|
Work Related
|
Briefcase
|
|
|
Home Office
|
|
|
Professional Memberships & Journal Subscriptions
|
Financial Products – Otherwise Deductible
|
|
Investment Loan Interest
|
|
|
Income Protection Insurance
|
|
|
Disability Income Protection
|
|
|
Professional Indemnity Insurance
|
|
|
Additional Superannuation Contribution
|
* Business use must be greater than 50%
Other benefit items may be available - please contact our customer service team on 1300 132 500, or email
for further information.
|
|
|
|
Exempt
These benefits are specifically exempt from Fringe Benefits Tax
and provide the greatest advantage to employees by offering the largest tax savings
per dollar packaged. Any employee can salary package FBT-free benefits and achieve
a financial saving as long as the employee would normally pay an amount of Income
Tax.
Exempt benefits are not reportable on an employee’s
Payment Summary.
|
|
|
Exempt – Otherwise Deductible
These benefits satisfy the ‘Otherwise Deductible Rule’, where the employee would have been entitled to claim a work-related Income Tax deduction for the expense if it has been paid for with the employee’s post-tax funds (i.e. not salary packaged). Otherwise Deductible benefits are exempt from Fringe Benefits Tax and provide the the largest tax savings per dollar packaged.
Otherwise Deductible benefits primarily provide a timing benefit only; once they have been salary packaged they are no longer eligible to be claimed on an employee’s Income Tax return at the end of the financial year.
|
|
|
Concessional
These fringe benefits are subject to particular FBT concessions; with the FBT payable on each benefit calculated using specific criteria. The concessions arise because any applicable FBT is calculated using this criteria and is not derived directly from the actual monetary value of the benefit. Concessionally taxed benefits will be advantageous for most employees dependent on their income level and the criteria specific to the FBT calculation for each particular benefit.
Concessional fringe benefits are either not reportable on an employee’s Payment Summary, or reported upon based on the relevant concession.
|