In Taxation Ruling TR 2012/8, Commissioner considers whether amounts received in respect of legal costs incurred in disputes concerning termination of employment should be included in assessable income as an employment termination payment or as an assessable recoupment where the legal costs are tax deductible for income tax purposes.
Prior to the FBT legislative changes pertaining car benefits introduced with effect from 10 May 2011, motor vehicles used to be taxed at a very concessional value if the employee travels a large number of kilometres or there is a high percentage of business use
Superannuation is an attractive benefit to package as it is excluded from the definition of ‘fringe benefit’ so there is no FBT payable on superannuation contributions made by the employer to a complying superannuation fund for the benefit of an employee under a salary package.
Salary Packaging of course reduces your taxable income and is then represented on your PAYG Summary as a Reportable Fringe Benefit.
Salary packaging can be very effective when the employer is a rebatable employer. The rebate concession applies to certain non-profit associations, schools, religious institutions, etc. Benefits provided by these institutions are effectively taxed at about half the FBT normal employers would pay. However, it is subject to a cap of $30,000 per employee. The limit […]
It is possible for all types of fringe benefits to be salary packaged, but the best opportunity to maximise tax savings arises from any one, or a combination, of…
There is no doubt that salary packaging relocation benefits pertaining to relocation costs that employees may incur when required to relocate relevant to their employment duties can provide significant tax savings for individual employees should their circumstances suit as such benefits are specifically exempt from FBT
Is it possible to split superannuation contributions into two separate super institution? Employer’s, both standard and additional contribution, in one super fund and salary sacrifice paid into separate super fund.