From 1st April 2016, the concessional treatment of entertainment fringe benefits has been limited.
The first change applies to all employers. From 1st April 2016, all employers need to include salary packaged meal entertainment expenses when determining whether they $2,000 FBT reporting threshold has been exceeded.
Further changes apply to not-for-profit employers.
From 1st April 2016, a $5,000 cap applies to not-for-profit employers who provide salary packaged meal entertainment expenses.
Where the $5,000 cap is exceeded, the excess is added together with other fringe benefits when determining whether the $17,667 or $31,177 caps that apply for not-for-profit employers have been exceeded.
For more information on this subject feel free to get in touch with us click here
To receive free updates on relevant information click here
To read more about specialised service offers for Financial Planning please click here