Jan 30 2014
Changes to the FBT Rate – How it will affect your Salary Package
As we revealed in the January Customer Update, the threshold limits for Health, Charitable and Rebate Industry Employees will be changing in 2014. This is due to the Medicare Levy increase to fund the new National Disability Scheme.
As the FBT rate references the Medicare rate, the Gross Up Factors and Threshold Limits will change in your new 2014-15 salary package. The tax-free threshold limits for Health, Charitable and Rebate Industry Employees will decrease as follows;
* This is a decrease of $84.83 annually or $3.26 per fortnight (excluding fees)
* This is a decrease of $149.71 annually or $5.76 per fortnight (excluding fees)
Remunerator will be providing you with individual detail on exactly how the threshold changes will affect your salary packaging via a separate email.