FBT exemption for retraining employees locked in
The Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 has now passed both houses, providing employers with an exemption from FBT if they provide training or education to a redundant, or soon-to-be-redundant, employee for the purpose of assisting that employee to gain new employment.
The exemption will not extend to retraining provided under a salary packaging arrangement or to costs for which an income tax deduction is specifically denied, including Commonwealth-supported places at universities or repayments towards Commonwealth student loans.
Read more at Accountants Daily.
