Just wondering if reportable fringe benefits are included when calculating whether or not I am substantially self employed?
Andrew
itsandrew
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itsandrew wrote:Just wondering if reportable fringe benefits are included when calculating whether or not I am substantially self employed?Do you mean for the deductibility of personal superannuation contributions?
If it is for super deductions, your 'employment income' includes salary, plus Reportable Fring Benefits, plus Reportable Super (ie, super over and above the 9%).
Yeah, deductability of super contributions and life cover under super. I've been told that I have to earn 90% of my income through contract work to be able to claim it. If fringe benefits is added to all my taxable income I think it pushes me over that threshold. Not sure if I am understanding it properly though. Have called an old accountant and they weren't sure. Will be seeing another one soon but hoping to have my head around it before I see them. I hope this makes sense.
itsandrew
Go as far as you can see and you will see further.
"Under this condition, less than 10% of the total of the following must be in respect of your employment activities:
- your assessable income for the income year
- your reportable fringe benefits for the income year
- the total of your reportable employer super contributions (RESC) for the income year. "
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