FBT 2012 - Melbourne Tax Exempt Employers - Full Day

Overview

This intensive seminar comprehensively covers both the fundamental aspects of Fringe Benefit Tax (FBT) and the specific elements relevant to the Government and Not-For-Profit sector employers, including the significant changes encapsulated in recent legislation, ATO rulings and court judgements.

The seminar provides not only coverage of the specific FBT outcomes when providing various fringe benefits to employees, but also imparts to attendees the tips, traps and pitfalls that Tax Exempt employers must be wary of.

Topics covered

This full day FBT program has been created specifically for the government and NFP sectors. We will highlight signifiacnt changes to:

• Cars 

  • calculating FBT under the NEW rules
  • salary sacrifice implications
  • transitional rules
  • all issues around pre/post May 10, 2011
  • NEW ruling on 'cost price'
  • employee trade ins
  • much more...

• The provision of mobile phones, iPads and data 

• LAFHA  under the ATO spotlight

• Gift cards/vouchers

• Entertainment

  • tax exempt bodies
  • what constitutes entertainment
  • distinction between entertainment and sustenance
  • Commissioner’s ruling TR 97/17
  • the $300 minor benefit exemption
  • the on-premises consumption exemption    
  • much more...

Also covering:

• The core elements of what constitutes a fringe benefit and the practical application of these elements in order to assess whether or not a fringe benefit is actually provided
• The various types of fringe benefits, including car benefits, car parking benefits, loan benefits, meal entertainment benefits, property benefits, expense payment benefits, LAFHA benefits, housing benefits, relocation and remote area benefits, etc
• The methodologies for calculating the taxable value of various fringe benefits, including guidance on efficient application of these methodologies
• The categories of exempt benefits and the specific requirements for accessing the various exemptions
• The types of exempt, partially exempt and rebatable employers and the relevant qualifying criteria
• Application of certain FBT reductions, including the operation of the otherwise deductible rule including in the case of loan and expense payment benefits
• The interaction and cross-application of FBT, Income Tax and GST, including appropriate instances for claiming GST credits
• The identification and disclosure of reportable fringe benefits, including determining the benefits excluded from reporting
• Recent legislation, ATO rulings, determinations, court judgements and Government announcements relevant to FBT compliance and record–keeping requirements

Learning objectives

On completion of this seminar attendees will be able to:

• Determine whether or not a fringe benefit (as defined) has been provided
• Identify and distinguish between various categories of fringe benefits, exempt benefits and concessionally taxed benefits
• Efficiently apply the prescribed methodologies to determine the taxable value of relevant fringe benefits in the most advantageous manner
• Calculate FBT payable and apply the appropriate FBT gross-up methodology
• Indentify and calculate individual reportable fringe benefits amounts and state the requirements for reporting and paying FBT
• Understand the impact of recent FBT legislation, ATO rulings, determinations and court judgements

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
• fleet managers

Additional materials

• Comprehensive technical paper
• Presenter notes
• CPD certificate = 6 hours/points

And...a great lunch!

Presenter

Peter Adams M Tax Law, FTIA CA Tax Director