Great News for Gift Giving Australian Employers - Unique Unusual Gift and Gift Voucher Ideas for Wedding Gifts Anniversary Gifts Birthday Gifts Engagement Gifts Gifts for Him Gi
MEDIA RELEASE
Great news for gift-giving Australian employers
27-Jun-06
Changes in the Australian Federal Budget have increased the minor benefits exemption threshold from $100 to $300 (excluding GST), which is positive news for employers choosing to reward and lift the morale of their people with non-monetary gifts.
Employers will no longer pay Fringe Benefits Tax on employee gifts under $300 – a vast improvement on the previous limit of $100.
The change will be effective from the 1st April 2007 and applies only to gifts for employees, not partners, distributors or clients of Australian organisations.
The minor benefits exemption is provided to ensure that small and infrequently provided benefits, such as experiential gifts, to employees are not subject to FBT.
This will additionally reduce compliance and record-keeping costs for employers who choose to give to their employees on an adhoc basis.
This means that BigThanks Bronze, Silver & Gold vouchers are not subject to FBT.
Employers can also give any desired dollar amount (up to $300) with a gift certificate and remain unaffected by the FBT.
If you are a supplier, please click the "go" button to confirm a presented adventure certificate.
