In line with the top marginal tax rate reducing from 49% to 47%, so does the Tax rate for the calculation of Fringe Benefits Tax.
What does this mean?
> Your Expense Payment Benefit remains at $15,899.94 per annum
> Your Meal and Accommodation benefit will increase by $100 per annum to $2,649.98!
Reportable Fringe Benefits – New for 2017/18
CALCULATING YOUR REPORTABLE FRINGE
BENEFITS FOR CENTRELINK
This applies to most calculations as they apply to:
– Family Tax Benefits
– Child Care Benefits
If an employee is taking advantage of both the:
– $15,899.94 PBI Benefit and;
– $2,649 Meal & Accommodation Benefit
Their Reportable Fringe Benefit for the 2016-17 financial year will be $36,176
$36,176 x 51% = $18,449.76 this will be the figure used for income/benefit calculations.
Their Reportable Fringe Benefit for the 2017-18 financial year will be $35,000
$35,000 x 51% = $17,850.00 will be the figure used for income/benefit calculations.
A number of salary packaging changes announced in last years’ Federal Budget will become effective from 1 April 2016. These changes impact the following benefits:
- Salary packaging of meal entertainment (dining)
- Holiday accommodation (‘venue hire’) claims.
To ensure you understand the implications of these important changes, we’ve prepared a summary of the changes and their impacts.
From 1 April 2016, Meal Entertainment (Dining) and Holiday Accommodation (‘Venue Hire’) expenses will effectively become a single benefit.