This workshop comprehensively covers the most utilised areas of FBT - car fringe benefits, car parking fringe benefits and the impact of FBT on effective salary sacrificing arrangements.
Overview
You will be taken step-by-step through cars and car parking fringe benefits and their respective rules and latest legislation. The benefits of salary packaging will be covered in detail, including what benefits are best to include in a package. You will have the opportunity to perform the calculations and learn how to make the most tax effective choices for your organisation.
Key topics:
- What fringe benefits are
- What the exclusions are
- How to reduce 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, 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
You will receive:
- A comprehensive FBT learning manual covering cars, car parking and salary packaging
- 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.
- Presentation slides
- Invaluable networking opportunities with colleagues over morning and afternoon tea and lunch
Objectives
- Determine whether a car benefit has been provided
- Calculate the taxable value of car fringe benefits
- Determine if a car parking fringe benefit has been provided
- Calculate the taxable value of a car parking fringe benefit
- Determine when a car parking fringe benefit is provided
- Determine which car parking fringe benefits are exempt
- Calculate the taxable value of car parking fringe benefits using the commercial parking station method, the market valuation method or the average cost method
- Calculate the number of car parking fringe benefits using the 12-week register method or the statutory formula method
- State what benefits are best to include in a package
- Describe the benefit of packaging items if the employer is exempt or rebatable
- State the benefits of salary packaging
Audience
Suitable for tax practitioners wanting a comprehensive understanding of the preparation of FBT returns, particularly in relation to proficiency in cars, car parking and salary packaging.
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
90710010