The 2015 Budget Exempts FBT on Portable Electronic Devices - Upgrade Your Mobile Workforce Now and Apply the $20k Write Off Too!
The government will allow a Fringe Benefits Tax ("FBT") exemption from April 1, 2016 for small businesses (those with an annual turnover of less than $2 million) that provide employees with more than one qualifying work related portable electronic device.
What it Means for You
If you provide your employee's with a mobile telephone, a tablet, laptop or other portable electronic device then all of these devices will be exempt from FBT from 1 April 2016. We think this could be a great opportunity to take advantage of the increased immediate asset write off (see our previous post) to upgrade your mobile workforce and you will get a double whammy bonus from the 2015 budget.
The other thing you should seriously consider if you have a mobile workforce is how your accounting system enables their efficiency. The proliferation of cost effective mobile software solutions now means even the smallest business can have the tools once only reserved for the largest corporates. Give us a call on (07) 54391600 to find out how a mobile enabled business can save you hours of wasted time and thousands of dollars.
Speaking of FBT, the other change to come out of the budget was the creation of a single grossed up cap of $5,000 for salary sacrificed meal entertainment and entertainment facility leasing expenses for employees.
For more information on the changes to FBT or to find out more about how FBT may affect your business give our resident expert, Damon a call on (07) 54391600 or CLICK HERE to make an appointment with one of our qualified team.