Effective from 1 April 2017, a single annual cap limit of $2,650 ($5,000 ‘grossed-up’) will apply to Meal Entertainment and Venue Hire benefits.
This new limit is a combined cap across both benefits applicable each Fringe Benefits Tax (FBT) year (from 1 April to 31 March the following year).
What does ‘grossed-up’ value mean?
The grossed-up taxable value of a benefit is the salary that employees would have to earn in order to purchase the benefit from after-tax dollars. The grossed up value of these benefits combined will be $5,000. However, the actual dollar amount that customers can spend per FBT year for both benefits combined will be $2,650.
Who can package venue hire?
You can salary package venue hire if you work for a:
- private or public not-for-profit hospital
- charity or other not-for-profit organisation.
and your employer offers this as part of your workplace benefits program.
Still not sure whether you can salary package holiday accommodation or venue hire? Then simply log into My Employer Hub and refer to your Employer's Information Booklet.
- holiday accommodation
- whether you're travelling locally or overseas, you can pay for the cost of your
holiday accommodation using your pre-tax dollars
- venue hire.
You can also use pre-tax dollars to pay for the hire of a venue or other facilities for special celebrations such as weddings, birthdays or anniversaries. The celebration could be for yourself, your spouse - or for your children.
How much could you save each year?
At RemServ, we take the guesswork out of your new salary packaging lifestyle.
Use our salary packaging calculator to estimate how much you could save.
Ready to get started?
Already packaging - but now want to package holiday accommodation and events too?