This is the time where we need to check your expenditure, reconcile your Fringe Benefits Taxation (FBT) and confirm any liabilities that are required to meet the Australian Taxation (ATO) Guidelines for your employer.
The next few weeks will be one of complying to the rules and regulations set out by the ATO and the FBT reports will be sent to your employer for processing.
We need you to make sure that you have submitted your vehicle odometer reading. This allows us to make sure that your expenditure meets with your budget for the 2016/17 year. This could also mean that we need to adjust your current Salary Packaging requirements to meet your actual spending.
Whilst we close off on the FBT Year 2016/17, we begin the 2017/18 FBT Year.
The ATO have changed and overhauled the rules on:
– Entertainment and meals expenses. This affects the FBT – rebatable and the FBT – Exempt Employers only.
– Uber Travel from Home to Work attracts FBT. So be careful, Uber is ineligible for FBT Exemption as the vehicle being used will not represent a “Vehicle that is licensed to operate as a taxi”.
There are also a number of other changes regarding employer based business (Non Salary Packaging) that come into effect as well.
The FBT year also heralds a new enhancement for JBS Salary Packaging as we are moving our systems to online. This means you will be able to have access to your balances, activity statements and the opportunity to calculate the benefits you can receive by changing the way of adding items such as mobile phones, internet, purchases of IPADS, notebooks and computers to your salary sacrifice arrangements.
We are excited to have this ability as it will assist in our clients being better informed and to have real time access to what is happening with their Salary Packaging Account.
If you have not sent through your Odometer Reading please email firstname.lastname@example.org to complete ASAP.