End of the FBT 2007/8 year

With 31 March approaching quickly, FBT returns for the 2007/08 year will soon be due for lodgement in April and May. Where Saward Dawson prepares the FBT return for your business, we ask that you review our Fringe Benefits Checklist.

Changes to the minor benefits exemption

The most notable changes this year were (Read our article on these changes):

	the minor benefits exemption threshold increased to “less than $300” from 1 April 2007. Previously it was less than $100 and
	an ATO ruling stated that the threshold applies to each benefit provided and not to the total value of all associated benefits.

Therefore, where an employer provides several (unrelated) benefits to an employee during an FBT year (at a cost of less than $300 per benefit), all benefits can qualify as exempt minor benefits even though their aggregate value is $300 or more.

Published : 5 March 2008