FBT 2012 - Cars in Focus - New rules, New opportunities
FBT 2012 - Cars in Focus - New rules, New opportunities
Members Price (incl GST)
Per head
$154.00
Group Registration (3 - 6 people)
$385.00
Non Members Price (incl GST)
Per head
$187.00
Group Registration (3 - 6 people)
$467.00
All delegates must be registered to be able to participate in training.
Overview
This intensive seminar comprehensively covers both the fundamental application of Fringe Benefit Tax (FBT) currently to the provision of car benefits, and the specific aspects relevant to an employer’s obligation to comply with annual reporting requirements where car benefits are provided to employees.
The seminar provides not only coverage of the specific FBT outcomes and reporting requirements when providing car benefits to employees, but also imparts to attendees the tips, traps and pitfalls that employers should be wary of in the context of recent legislation, ATO rulings, and court judgements.
This seminar will comprehensively cover:
The core elements of what constitutes a car benefit and the practical application of these elements in order to assess whether or not a car benefit is actually provided
Detailed coverage of the “private use” and the “availability for private use” concepts, including various case studies and examples illustrating the practical effect of such concepts
The categories of exempt car benefits and the specific requirements for accessing the various exemptions
The statutory formula and operating cost methodologies for calculating the taxable value of car benefits, including:
the new application and effect of the recently amended statutory formula method;
the determination of “base value” and “statutory fraction” for purposes of determining the taxable value of a car under the statutory formula method
quantifying the “operating cost” of both an owned and leased car under the operating cost method
guidance on the efficient application and impact of these methodologies, including effective use of employee contributions
The identification and disclosure requirements of reportable car fringe benefits, including determining:
the nature of pooled cars;
when and how pooled cars can be excluded from reporting; and
the effect of not reporting exempt or excluded car benefits such as pooled cars
Recent legislation, ATO rulings, determinations, court judgements and Government announcements pertaining to the FBT compliance and record–keeping requirements in respect of the provision of car benefits
Learning objectives
On completion of this seminar attendees will be able to:
Determine whether or not a car fringe benefit (as defined) has been provided
Efficiently apply the prescribed methodologies to determine the taxable value of car fringe benefits in the most advantageous manner, including application of the new statutory formula method
Indentify and calculate individual reportable car fringe benefits amounts and discern the requirements for pooled cars to be excluded from reporting and the impact of such exclusion
Understand the impact of recent FBT legislation, ATO rulings, determinations and court judgements pertaining to the provision of car benefits
Who should attend
This intensive FBT seminar will be of particular value to line managers, supervisory staff and other employees who have ongoing involvement in:
the administration and management of payroll
salary packaging arrangements
the provision and allocation of fringe benefits
the preparation, review and management of FBT returns, FBT record-keeping, FBT reporting and accounting
