FBT exemption cap definition
Examples of FBT exemption cap in a sentence
The manner of the application of the FBT exemption cap is determined by the employer in accordance with the FBT legislation.
Under the FBT legislation, to be eligible for the FBT exemption cap at the time fringe benefits are provided, the duties of the employment of an employee must be exclusively performed in, or in connection with, a public hospital.
The FBT exemption cap is a tax concession under the Fringe Benefits Tax Assessment Act 1986 for limited categories of employers.
The FBT exemption cap is a tax concession under the Fringe Benefits Tax Assessment Act 1986 (Cth) for limited categories of employees.
If the Employee relies on any financial benefit from the FBT exemption cap or other FBT concessions as part of their Salary Packaging Agreements they do so at their own risk.
An FBT exemption cap is a tax concession made under the Fringe Benefits Tax Assessment Act 1986 for limited categories of employers, not employees.
To remove any doubt this means that all taxable fringe benefits provided while the Employee is ineligible for the FBT exemption cap, will be subject to FBT, and that the FBT exemption cap applies to those taxable fringe benefits provided while the Employee is eligible for the FBT exemption cap.
Where the Employee is seconded, promoted, transferred to or relieving in an ineligible business area or agency, whether permanently, temporarily or part-time, and whether or not the Employee’s payroll processing site changes, regardless of which business area or agency bears the costs, the Employee will cease to be eligible for the relevant FBT exemption cap from the first day of the change.
FBT exemption cap means a capped FBT exemption which allows for concessional FBT treatment under the respective provisions of the Fringe Benefits Tax Assessment Act 1986 and includes those FBT exemption caps for public hospitals (currently $17,000 grossed-up), ambulance services (currently $17,000 grossed-up), and Legal Aid Queensland (currently $30,000 grossed-up).
Where an employee who is eligible for the FBT exemption cap sacrifices benefits attracting FBT, the employee will be liable for any FBT caused by the FBT exemption threshold amount being exceeded as a result of participation in the salary sacrifice arrangements.