FBT exemption cap definition

FBT exemption cap means a capped FBT exemption which allows for concessional FBT treatment under the respective provisions of the Fringe Benefits Tax Assessment Act 1986 and includes those FBT exemption caps for public hospitals (currently $17,000 grossed-up), ambulance services (currently $17,000 grossed-up), and Legal Aid Queensland (currently $30,000 grossed-up).
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Examples of FBT exemption cap in a sentence

  • The manner of the application of the FBT exemption cap is determined by the employer in accordance with the FBT legislation.

  • Under the FBT legislation, to be eligible for the FBT exemption cap at the time fringe benefits are provided, the duties of the employment of an employee must be exclusively performed in, or in connection with, a public hospital.

  • Where an employee who is ineligible for the FBT exemption cap sacrifices benefits attracting FBT, the employee will be liable for such FBT.

  • Where an employee who is eligible for the FBT exemption cap sacrifices benefits attracting FBT, the employee will be liable for any FBT caused by the FBT exemption threshold amount being exceeded as a result of participation in the salary sacrifice arrangements.

  • Under the FBT legislation, the FBT exemption cap applies to all taxable fringe benefits provided by the employer, whether through the salary sacrifice arrangements or otherwise.

  • To remove any doubt, any benefits provided by the employer separate from the salary sacrifice arrangements take first priority in applying the FBT exemption cap.

  • The FBT exemption cap is a tax concession under the Fringe Benefits Tax Assessment Act 1986 for limited categories of employers.

  • The FBT exemption cap is a tax concession under the Fringe Benefits Tax Assessment Act 1986 (Cth) for limited categories of employees.

  • The FBT exemption cap applies only to benefits provided while the Employee is working in and for the designated eligible business area or agency.

  • FBT Exemption Cap": The FBT exemption cap is a tax concession under the Fringe Benefits Tax Assessment Act 1986 for limited categories of employers.

Related to FBT exemption cap

  • QPAM Exemption is defined in Section 6.2(d).

  • Section 162(m) Exemption means the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of the Code.

  • INHAM Exemption is defined in Section 6.2(e).

  • New Exemption means the exemption from real property taxation provided hereunder with respect to the Exemption Area.

  • Underwriter’s Exemption Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487 (2002), as amended (or any successor thereto), or any substantially similar administrative exemption granted by the U.S. Department of Labor.

  • Class Exemption A class exemption granted by the U.S. Department of Labor, which provides relief from certain of the prohibited transaction provisions of ERISA and the related excise tax provisions of the Code.

  • Tax Exemption means any financial assistance granted to a project which is based upon all or a portion of the taxes which would otherwise be levied and assessed against a project but for the involvement of the Agency in such project.

  • Prior Exemption means any exemption from real property taxation for the Exemption Area pursuant to the Private Housing Finance Law or the General Municipal Law that was in effect prior to the Effective Date.

  • certificate of exemption means any document evidencing that the entity is exempt from

  • Exemption Period means the period beginning on the first day of the property tax year after the property tax year in which an applicable portion of Economic Development Property is placed in service and ending on the Termination Date. In case there are Phases of the Project, the Exemption Period applies to each year’s investment made during the Investment Period.

  • Tax Exemption Certificate means the Tax Exemption Certificate approved under the terms of this Resolution and to be executed by the Treasurer and delivered at the time of issuance and delivery of the Notes.

  • Exemption Certificate is defined in clause (e) of Section 4.6.

  • Exemption Area means the real property located in the Borough of Bronx, City and State of New York, identified as Block 5750, Lot 500 on the Tax Map of the City of New York.

  • Exemption means the exemption from real property taxation provided hereunder.

  • FIRPTA Certificate an affidavit from the Annual Conference pursuant to Section 1445(b)(2) of the Code in the form attached hereto as Exhibit D, and on which Buyer is entitled to rely, that Seller is not a “foreign person” within the meaning of Section 1445(f)(3) of the Code

  • Participating Certified Nurse-Midwife means a Certified Nurse-Midwife who has a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • prescribed amount means $10 000 or such other amount as may be prescribed;

  • Qualifying Examination means examinations on the basis of which a candidate becomes eligible for admission or its equivalent examination;

  • Certified Domestic Violence Specialist means a person who has fulfilled the requirements of certification as a Domestic Violence Specialist established by the New Jersey Association of Domestic Violence Professionals.

  • Participating Certified Nurse Practitioner means a Certified Nurse Practitioner who has a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • Participating Certified Clinical Nurse Specialist means a Certified Clinical Nurse Specialist who has a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.