A staff member has a novated lease vehicle ending in July 2014. He is retiring prior to this date and would like to use his entitlements ($) at retirement date (Annual Leave & Long Service Leave) to pay out the residual on the novated lease contract.
The Council provides staff with salary sacrifice arrangements for Gym membership at a discounted rate. The Gyms are owned by the Council. Is this benefit exempt from FBT for 31 March 2014? Also is it a reportable fringe benefit for 31 March 2014?
Council is currently embarking on a restructure program and asking employees to nominate themselves for consideration of a voluntary redundancy. The due date for nominations is Easter 2014 with decisions to be made by 5 May 2014 as to whether or not the voluntary redundancy will be accepted. The termination date would then be at […]
An employee ceased a novated lease and started a new one with a different lease company.
Salary Packaging – Professional Certificate in Effective Salary Sacrifice
General terms and conditions of a salary package arrangement
Salary Packaging Q&A – sacrificing to a mortgage offset account
It is a no-brainer that salary packaging benefits that are fully exempt from FBT under an effective salary sacrifice arrangement will produce a tax saving advantage for employees. It is also clear that no real tax saving advantage ensue for employees where they salary package benefit that are fully taxable under prevailing FBT legislation.