With the fringe benefit tax gone, here's what you can look out for...
With the fringe benefit tax gone, here's what you can look out for...
You have a lot to smile about with the abolition of the fringe benefit tax. Here's what it means to you:
Easier ESOPs
Employee stock option plans were considered a fringe benefit. You can now get ESOPs without drilling a tax hole in your employer's pocket.
More trips, more junkets
Free or concessional tickets provided by your employer for your private tours were taxed, but now you can fly without a care about the tax part. This is an incentive for your boss to send you on more holidays.
More eating, more meeting
Reimbursement of entertainment expenditure (20 per cent) was considered a fringe benefit, and taxed. Expenditure on meetings and get-togethers on non-festival occasions was also taxed. All that's gone, and you will probably enjoy more festival get-togethers at the office, and, uh, suffer more meetings.
Happier retirement
Your employer coughed up tax whenever he contributed to your superannuation fund, but now he can put in the money without worrying about the taxman.
More gymming
Reimbursement of health club expenditure was also monitored by the taxman, but you can now gym your way to better health without being taxed for the perk.
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