Source: Taxation In Australia Journal Article
Published Date: 1 Mar 2013
Preparing the fringe benefits tax (FBT) return for 2013 and calculating individual employee reportable fringe benefit amounts is likely to be far more challenging than usual. With significant reform over the last few years, including recent measures targeting the effectiveness of salary packaging and changes to the living-awayfrom-home (LAFH) benefit, the checklist of things to watch out for and things to do is longer than ever. Importantly, the Australian Taxation Office has ramped up activities around FBT significantly and will no doubt be watching closely how employers manage (in particular, with the transition to the new LAFH rules and the management of cars from an FBT perspective).
This article looks at the key changes to the law, the challenges which employers and their advisers will face, and how to manage these changes when preparing the FBT return.
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