Fringe Benefits Change For Tax Offsets From 1 July 2017

Tax

The ATO has issued a reminder that the government has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017.

The meaning of ‘adjusted fringe benefits total’ (which is used to calculate a taxpayer’s entitlement for the low income superannuation tax offset, the seniors and pensioners tax offset, the net medical expenses tax offset and the dependent tax offset) has been modified so that the gross, rather than the adjusted net value, of reportable fringe benefits is used.

Fringe benefits received by individuals working for registered public benevolent institutions, registered health promotion charities, some hospitals and public ambulance services will not be affected by this change.

This aligns the treatment for tax offsets to the treatment for the income tests for family assistance and youth payments.

,
Next Post
Who is Assessed on Interest on Bank Accounts?

Related Posts

You must be logged in to post a comment.
Menu