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Assignment Question For an organisation that focuses on making a profit, there are many Fringe Benefits...

Assignment Question For an organisation that focuses on making a profit, there are many Fringe Benefits Tax exemptions and concessions in the law. With reference to legal authority, analyse this statement (Australian Taxation)

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Answer #1

Some benefits are exempt from fringe benefits tax (FBT) or receive concessional treatment (for example, living away from home allowance). Specific exemptions and concessions apply to some non-profit organisations.

Following exemption and concessions are given below.

  • Work-related items exempt from FBT
  • Minor benefits exemption
  • Taxi travel expenses exemption
  • Small business car parking exemption
  • Concessions, including specific concessions for non-profits
  • Living away from home allowance fringe benefits

There are many more FBT exemptions but the above helps to give a flavour of the extent and breadth of the available exemptions.

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