This workshop covers all 12 types of FBT using examples and step–by–step guides on how to apply FBT, hints and warnings to avoid common pitfalls, and problem-solving exercises to apply what you’ve learned.
Overview
Navigate the complexities of FBT to better understand your compliance obligations. You will be taken step-by-step through the various types of fringe benefits and their respective rules plus you will learn how to calculate FBT payable and make informed decisions when providing benefits.
This workshop covers all 12 types of FBT, using real life examples to guide you through:
- What fringe benefits are
- What excluded fringe benefits are
- How to reduce fringe benefits by applying the ‘otherwise deductible’ rule and via employee contributions
- Each of the 12 fringe benefits categories, 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 fringe benefits categories
- 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
You will receive:
- Examples and step–by–step guides on how to apply FBT
- Hints and warnings to avoid common pitfalls
- Problem solving exercises to apply what you’ve learned
- A comprehensive FBT learning manual
- Presentation slides
- Ample networking opportunities with colleagues over morning and afternoon tea and lunch
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 FBT
Audience
Suitable for tax practitioners wanting a comprehensive understanding of the preparation of FBT returns.
Please note enrolments close 3 working days prior to the workshop date to ensure any dietary and special requirements can be accommodated.
Looking for a customised learning solution for your organisation or team? Contact us today to discuss in-house learning options.
Classroom 1 Day
90709995