The impact of COVID-19 on jobs has prompted the Federal Government to address the FBT exposure where employees are re-skilled for new roles in a business.
- The government has announced an FBT exemption for employer-provided retraining and reskilling, for employees who are redeployed to a different role in the business
- The change applies from 2 October 2020
- The exemption will not extend to retraining acquired by way of a salary packaging arrangement or training provided through Commonwealth supported places at universities.
Removing costly barriers to training as the economy rebuilds is essential to ensure Australian employees have the opportunity to reskill or retrain for the jobs that will come back as the economy reopens.
Boost for skills training with Fringe Benefits Tax exemption
Joint media release with The Hon Josh Frydenberg MP Treasurer.Read more
Australian Federal Budget 2020-21
The Australian Federal Budget will be brought down on 6 October in the context of a COVID-19 afflicted economy in dire need of a shot in the arm.Read more