This course will provide you with an overview of car fringe benefits, car parking fringe benefits and the impact of fringe benefits tax (FBT) on effective salary packaging and sacrificing arrangements.
Key topics:
What are fringe benefits and what are the exclusions?
How to reduce the fringe benefits by the application of the ‘otherwise deductible rule’ and via employee contributions
Calculating the reportable fringe benefits amount to be included on your employee’s PAYG Payment Summary
Calculating the grossed-up amounts of the various fringe benefits
Calculating FBT payable
Determining whether a car fringe benefit has been provided and the two methods used to calculate the taxable value of a car fringe benefit (namely the statutory formula method and the operating cost method
Demonstrating how leased vehicles (including novated leases and associate leases) impact the calculation of the taxable value of a car fringe benefit
Determining whether a car parking fringe benefit has been provided
Calculating the number of car parking fringe benefits using either the actual method, the 12-week register method or the statutory formula method
Calculating the taxable value of car parking fringe benefits using either the commercial car parking station method, the market valuation method or the average cost method
Determining exempt car parking fringe benefits
Understanding the essentials of salary packaging and how it can benefit employees
Determining what benefits are best to include in a salary package
Describing the benefit of packaging items if the employer is exempt or rebatable
This course consists of one online course, including a downloadable PDF learning manual and one online multiple-choice assessment.
