Click on the Register Now button to find a course near you.
Currently, certain employers are capped on the amount of concessionally taxed fringe benefits they can provide to their employees, as follows:
Certain benefits are currently excluded from these caps, such as the following: Meal entertainment-related benefits (e.g., restaurant meals); and EFLEs (e.g., holiday accommodation, and venue hire for a special event, such as a wedding).
Additionally, meal entertainment-related benefits and EFLEs are also currently excluded from the FBT payment summary reporting rules.
From 1 April 2016, the Government will introduce a separate single grossed-up cap of $5,000 for salary sacrificed meal entertainment and EFLEs (meal entertainment benefits). Where these benefits exceed the separate grossed-up cap of $5,000, they can also be counted in calculating whether an employee exceeds their existing (relevant) cap.
Furthermore, all meal entertainment benefits will become reportable.
Our H&R Block accountants are now working online. Book an appointment with an expert.