FBT Legislation changes to affect Meal Entertainment & Venue Hire

Federal Parliament passed legislation in late 2015 which puts a cap of $5,000 grossed up figure on the Meal Entertainment and Venue Hire.

The net cash value is only $2,550 per FBT year (1^st April 2016 – 31^st March 2017)

You are advised to make sure you allow enough time for claims to be reimbursed before 1^st April 2016.

Any member that carries over a balance into the next FBT year (1^st April 2016) that will form part of your $2,550 cap.

eg:     If you still have a balance of $1,000 as at 1^st April 2016 then you will only be able to package $1,550 to the card in 2016/2017.

There is no change to salary packaging your living expenses.

Steve McGhie
General Secretary

January 2016