14 December 2020 - GAP Accountants
Proposed FBT exemption — retraining and reskilling
The government has announced it will introduce an exemption from FBT for retraining and reskilling benefits provided by employers to redundant, or soon to be redundant, employees where the benefits may not be related to their current employment.
It is proposed that this exemption will not apply to:
- retraining provided under a salary packaging arrangement;
- training provided through Commonwealth supported places at universities; or
- repayments towards Commonwealth student loans.
If enacted, this proposed measure is intended to apply from the day it was announced (i.e., 2 October 2020).
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