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Australia may limit employment-related tax benefits

The Australian government has made strides towards imposing restrictions on certain employment-related tax benefits, reports Nair & Co.’s International Tax Team.

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Australia may limit employment-related tax benefits

  1. 1. Australia may limit employment-related tax benefits (Bristol, UK) - The Australian government has made strides towards imposing restrictions on certain employmentrelated tax benefits. This may include reforms in fringe benefits tax (FBT) and superannuation provisions, reports Nair & Co.’s International Tax Team. The following provisions indicate, in all likelihood, changes to limit certain tax benefits:    New proposals repealing:  The “statutory method” for calculating the FBT on motor vehicles.  FBT concessions for salary packaging of certain internal fringe benefits.  The age-based limit over which superannuation contributions were not mandatory, previously. New measures:  which seek to curtail perceived “overuse” of the “living away from home allowance” exemptions and allowances.  further reporting requirements on pay slips. Adjustments of the caps outlining concessional contributions and changes to the right to withdraw excess concessional contributions (including payment of tax on such withdrawals under the individual’s marginal rate instead of the current 46.5% rate). Australian companies may consider closely monitoring the above developments. Companies might have to update their internal payroll and accounting systems to accommodate the above measures, in order to reduce any potential risks. For more information about international tax services or to know more about Nair & Co.’s International Business Expansion Services team please contact us. Subscribe to regular global tax compliance alerts from Nair & Co. International Business Guide (IBG) is our online platform for companies wishing to optimize their multinational operations and would like to have specific business information for doing business in a particular country - Click Here. Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. About Nair & Co. Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-
  2. 2. of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com Read more on: Global Payroll Service Providers