By Hayley Lock (Partner, KPMG Employment Tax Advisory)
and Stacey Biggar (Senior Manager, KPMG Employment Tax Advisory)
With so much change occurring during the 12 months to 31 March 2021, FBT practitioners can expect their returns to look a little different this year.
Apart from a natural expectation of decline in spend on employee benefits, there are some COVID specific considerations, both in terms of potential new benefit categories for your organisation, and, interpretive approaches to benefit valuation.
At the time of writing, several key ATO rulings are yet to be finalised but expected before FBT year-end. Additionally, on the horizon are some yet-to-be legislated Federal Budget announcements.
The KPMG Employment Tax team are here to provide your executive summary of key FBT developments in the last 12 months.