This course is current for the FBT period 1 April 2019 to 31 March 2020.
Overview
This course is current for the FBT period 1 April 2019 to 31 March 2020. This practical 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 fringe benefits are
- what the exclusions are
- 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 Income Statement
- 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 reflects the FBT year ended 31 March 2020 and takes into account all FBT changes from 1 April 2019.
This course consists of one interactive online course, one downloadable PDF learning manual and one online assessment.
Objectives
- Calculate the reportable fringe benefits amount to be included in an Income Statement
- Determine whether a car fringe benefit has been provided
- Demonstrate an understanding of how the provision of leased vehicles affects the calculation of the taxable value of a car fringe benefit
- Determine whether a car parking fringe benefit has been provided
- Calculate the taxable value of a car parking fringe benefit
- Determine which car parking fringe benefits are exempt
- Calculate the number of car parking fringe benefits using either the actual method, the 12-week register method or the statutory formula method
- Calculate 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
- Demonstrate an understanding of the benefits of packaging non-cash benefits as part of a salary sacrificing arrangement
- Determine which fringe benefits are best to include in a package
- Determine when an arrangement is an effective salary sacrifice arrangement
Audience
This course is suitable for tax practitioners working in public practice or organisations who need to calculate and submit FBT returns.