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CBB's Meal Entertainment and Holiday Accommodation Salary packaging is an ATO approved method of using concessions available to your employer to reduce the tax you pay. a salary sacrifice arrangement where employee contributions are provided. Australian Taxation Office for the Commonwealth of Australia. e.g. . You can do this quickly and easily using the Beyond Bank smartphone app. the employee pays income tax on the reduced salary or wages, the employer may be liable to pay fringe benefits tax (FBT) on the fringe benefits provided. You may be asked to provide your statement with appropriate explanation of any items that arent immediately identifiable as meal entertainment e.g. The purpose of this statement is to provide guidelines on the authorised use of the Meal Entertainment Card (MEC) and to communicate to employees the audit procedure and sanctions that will apply if the MEC is used by an employee to pay for unauthorised expenses. Salary Packaging | Advantage It's a Mastercard prepaid card that you can use all over Australia whenever you eat out. Australian Taxation Office for the Commonwealth of Australia. Create your myGov account and link it to the ATO, Help and support to lodge your tax return, Residential rental properties and holiday homes, Instalment notices for GST and PAYG instalments, Your obligations to workers and independent contractors, Encouraging NFP participation in the tax system, Australian Charities and Not-for-profits Commission, Departing Australia Superannuation Payment, Small Business Superannuation Clearing House, Annual report and other reporting to Parliament, Complying with procurement policy and legislation, Pay as you go withholding for not-for-profits, Super guarantee requirements for not-for-profits, Fringe benefits tax for not-for-profit employers, Salary sacrifice arrangements and not-for-profits, Employment termination payments for not-for-profits, Claiming GST credits on purchases for volunteers, Claiming GST credits on reimbursements to volunteers, Salary sacrifice arrangements for employees, Workplace giving and salary sacrifice arrangements, Aboriginal and Torres Strait Islander people, agrees to permanently forego part of their future entitlement to salary or wages, receives benefits of a similar cost (to the employer) in return. Yes, you can package up to $2,650 each FBT year, but the Meal Entertainment cap is in addition to the existing salary packaging cap limit for everyday living expenses (for example, mortgage or rent). Access to balances and transaction history 24/7 via internet banking or the Beyond Bank mobile app. Salary Packaging is an ATO approved method of restructuring your salary. These are ATO restrictions. The capacity in which we act and the financial services we are authorised to provide are set out in our Financial Services Guides. Pre-purchased restaurant vouchers. Please consider if this product is right for you. Your contract of employment should detail your remuneration, including any salary sacrifice arrangement. having the benefits reported on your income statement in myGov or payment summary. Permanent full time, permanent part time and temporary employees with contracts of at least three months duration are eligible for salary packaging and meal entertainment. Eligibility for the Holiday Accommodation and Venue Hire benefit is dependent on your industry and employer. Fees and Charges (deducted from the Value on the Card), Annual Fee per benefit, charged monthly*, Disputed transaction fee (per transaction). Therefore the taxable value of the benefit is 25% of the amount reimbursed to Mary. This material is general information only. It is common in many NFP sectors (e.g. Conditions and fees apply. Dining at a restaurant, caf, club, pub or fast food restaurant with your family or friends SalaryPackagingPLUS is one of Australias leading providers of salary packaging services to public health, charity/not-for-profit, rebatable and government organisations. 484063) to provide credit assistance to you. Salary sacrificing is also known as salary packaging or total remuneration packaging.