The purpose of this course is to cover the rules relating to fringe benefits tax. It will provide you with an overview of how FBT works, and how to calculate the taxable value for each of the 12 categories as well as how to prepare the FBT return.
Key topics:

  • What are fringe benefits and what are excluded fringe benefits?
  • Reduce the fringe benefits with the application of the ‘otherwise deductible’ rule and via employee contributions
  • Each of the 12 categories of fringe benefits including cars, car parking, debt waiver, loans, expense payments, property, housing, living-away-from-home allowance (LAFHA), board, meal entertainment, tax-exempt body meal entertainment and residual fringe benefits
  • Calculating the fringe benefits taxable value under each of the 12 categories of fringe benefits
  • Calculating the grossed-up amounts of the various fringe benefits
  • Calculating FBT payable
  • Calculating the reportable fringe benefits amount to be included on your employee’s PAYG payment summary
  • Summarising the various exempt benefits provided for under the FBT Act, including clarification of the minor $300 fringe benefit rule, portable electronic devices used primarily for work purposes, taxi travel and a range of other exempt benefits and rebatable employers
  • The various relocation and remote area exemptions and concessions available under the Fringe Benefits Tax Assessment Act 1986 (FBTAA) for those employees working in, or seconded to, a remote area
  • Discussion of a range of reductions to the fringe benefits taxable value

This course reflects the FBT year ended 31 March 2017 and takes into account all FBT changes from 1
April 2016.

This course consists of one hard copy learning manual and one online assessment.

Want to know more? Click below to view a sample of the learning manual:

Learning objectives

  • Determine whether a fringe benefit has been provided
  • Identify different types of fringe benefits including exempt benefits
  • Determine the taxable value of various fringe benefits
  • Apply the ‘otherwise deductible’ and the employee contribution rules to determine the taxable value of various fringe benefits
  • Calculate FBT payable
  • Apply rules to reduce the taxable value of fringe benefits where possible
  • Calculate individual reportable fringe benefits amounts
  • Apply the requirements for reporting and paying fringe benefits tax

Audience

This course is suitable for tax practitioners working in public practice or organisations who need to calculate and submit FBT returns.

365 Days

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