Learning

The ATO are focused on increasing FBT awareness and helping employers to meet their registration, reporting, lodgment and payment obligations. Third party information and data matching to undertake targeted risk-based engagements are used to help employers get their FBT obligations right and address non-compliance.

Accountants in practice and their business clients should be closely considering their fringe benefits tax obligations and opportunities.

All employees require an understanding of FBT and the potential impact on their organisation and themselves. Key considerations include Salary Packaging, employee expenses, entertainment and the reportable fringe benefit impact.

The FBT law contains a large number of exemptions, concessions and reductions that effectively subsidise an employers expenditure when they relocate an employee and their family on a temporary or permanent basis,

Payroll is closely integrated with FBT processes including Employee details, Salary Packaging pre-tax and post-tax deductions, Payroll Tax and individual employee reportable fringe benefits amounts.

FBT is more than Motor Vehicles, Car Parking and Entertainment. In this category we will look at some of the more obscure (or less popular) fringe benefit categories, including Loans, Debt Waiver and Property Benefits (although the latter is a very common benefit).

To lead a successful finance function, you need to be aware of current and emerging issues within the sector and beyond, so that you can respond to them effectively. What are the

To lead a successful finance function, you need to be aware of current and emerging issues within the sector and beyond, so that you can respond to them effectively. What are the

To lead a successful finance function, you need to be aware of current and emerging issues within the sector and beyond, so that you can respond to them effectively. What are the

HR is often the driver of fringe benefit policies, crucial to the management of FBT. Key areas of policy include motor vehicles, car parking, relocations, LAFH, gifts, awards, employee expenses and entertainment.

If you are an employer providing any type of car parking facility / space to an employee for their use, you may be subject to FBT. How much FBT is the big question.

Practical guidance on FBT Return preparation, review and lodgment. Consideration of external reviews, outsourcing, use of FBT Software and having a FBT Preparation Manual.

An overview of FBT. Find out how FBT applies, what you need to do as an employer.

The FBT Law provides a range of exemptions. Some exemptions are specific to certain employers or situations, and other exemptions are available to all employers.

FBT is assessed annually with the year of tax commencing on 1 April and ending on 31 March. FBT is administered on the basis of self-assessment.

Food, drink and recreation you provide to employees is considered entertainment that is subject to FBT. In calculating the FBT, there are valuation options and exemptions that may apply.

Expense payment fringe benefits occur when an employee incurs expenses and the employer either reimburses them for the expense or directly pays a third-party for the expense.

Salary packaging is when you and your employer 'package' your salary into income and benefits - also known as salary sacrifice.