Special Tax Topics 2017 Fringe Tax Benefits (FBT), Technical Session
|
|
- Arron Freeman
- 6 years ago
- Views:
Transcription
1 Special Tax Topics 2017 Fringe Tax Benefits (FBT), Technical Session 1 March 2017 Session Content What we are discussing today Expense payments Entertainment Exemptions and reductions of taxable value Structuring Salary packaging agreements FBT and Division 7A. 2 Copyright 2016 Chartered Accountants Australia and New Zealand 1
2 Pop Quiz Why do we have FBT at all? What is a benefit? What is a Fringe Benefit? Who is an employer? Who is an employee? Who is an associate? What does in respect of employment mean? How id FBT calculated? 3 Conditions for car fringe benefits Car Held by provider Private use. Motor vehicle designed to carry less than one tonne and fewer than 9 passengers Does not include motor cycle or similar vehicle Provision of m/c, trucks etc cannot be car FB but may be residual FB. Copyright 2016 Chartered Accountants Australia and New Zealand 2
3 Conditions for car fringe benefits Car Held by provider Private use. Held means owned leased or otherwise made available Does not include taxi travel or shortterm hire arrangements unless intended to be effectively continual under successive arrangements. Conditions for car fringe benefits Car held by provider Private use. If actual or deemed private use on a day that day is a car fringe benefit day Actual private use is any use by employee or associate that is not their employment duties Deemed availability for private use Garaged at or near private residence Not at employer s premises and not doing your work Associate has custody and control or car. Copyright 2016 Chartered Accountants Australia and New Zealand 3
4 Statutory fraction method TV = [0.2 x (BV x C/D)] Employee contribution. BV = Base Value Generally the GST-inclusive cost of owning the car incl dealer delivery charges, GST, Customs duty Does not include other costs Stamp duty, registration insurance or extended warranty Base Value assessed at earliest holding time by employer or associate. Statutory fraction method TV = [0.2 x (BV x C/D)] Employee contribution. C = Number of car FB days D = Number of days in FBT year. Copyright 2016 Chartered Accountants Australia and New Zealand 4
5 Traps with statutory fraction method rules Inherited cars Re-leasing to different employee Interstate or overseas travel Car is used on a business trip. Sales Rep2 Sales Rep1 has car, Base value = $50,000 Sales Rep1 gets promoted, gets new car Sales Rep2 inherits car Sales Rep1 s car, market value = $30,000. Sales Rep1 $ 000? Base value $50,000 Base value Traps with statutory fraction method rules Inherited cars Re-leasing to different employee Interstate or overseas travel Car is used on a business trip. Employee2 Employee1 leases car, Base value = $50,000. RV on lease is $25,000 Market value at end of lease is $30,000 Employee2 acquires car through new lease of car at $25,000. Employee1 $ 000? Base value $50,000 Base value Copyright 2016 Chartered Accountants Australia and New Zealand 5
6 Traps with statutory fraction method rules Inherited cars Re-leasing to different employee Interstate or overseas travel Car is used on a business trip. Employee goes on a trip Car garaged at home; or Parked in LT park; and Employee has keys Car fringe benefit. Overseas Holiday Airport? Car park Traps with statutory fraction method rules Inherited car Re-leasing to different employee Interstate or overseas travel Car is used on a business trip. Employee goes on a trip Car is not at employee s home; Car garaged at employer s business premises; and Employer enforces private use prohibition No car fringe benefit. Work Overseas Holiday Copyright 2016 Chartered Accountants Australia and New Zealand 6
7 Traps with statutory fraction method rules Inherited cars Re-leasing to different employee Interstate or overseas travel Car is used on a business trip. Cairns Motel Employee on road trip Car is not at employee s home; and Employee stays at motels Car fringe benefit. Brisbane Motel Sydney Motel Expense Payment Fringe Benefits Expense payment fringe benefit may arise: Employer pays 3 rd party obligation incurred by employee; or Employer reimburses employee for obligation paid by employee to 3 rd party. Supplier Pays direct Legal obligation to pay Employer Reimburses Employee Copyright 2016 Chartered Accountants Australia and New Zealand 7
8 Expense Payment Fringe Benefits Expense payment fringe benefit TV: External expense payment FB = the GST-inclusive amount paid by provider Internal expense payment FB = depends on type of benefit Reductions in TV Otherwise deductible rule applies Exemptions No private use declaration made by employer LAFH accommodation Car expenses where car FB applies. Entertainment Basic concepts What is entertainment? Why is the food & drink being provided? What food & drink is being provided? When is food & drink is being provided? Where is food & drink is being provided? Copyright 2016 Chartered Accountants Australia and New Zealand 8
9 Entertainment Basic concepts What is entertainment? Item Entertainment Reference Gifts of bottles of wine or whiskey Unlikely to be entertainment TD 94/55 Theatre or movie tickets Yes TD 94/55 Gifts of electrical appliances Unlikely to be entertainment TD 94/55 Bouquets of flowers If not entertainment, could be other forms of FBT. May qualify as minor benefits. Consider TR 2007/12. No Entertainment Calculation of taxable value } Actual cost 50:50 split method 12 week register Interaction with income tax & GST. Copyright 2016 Chartered Accountants Australia and New Zealand 9
10 Entertainment Calculation of taxable value Actual cost method Expense payment } Property Residual Example How much of benefit attributable to employees and associates? Accounting Co Pty Ltd has a theatre night for clients. 3 clients and spouses are invited, as well as 3 managers and their spouses Clients and staff entertained at the opening night of Jersey Boys. Tickets were $350 each, included the show, complimentary drinks and canapés. Company uses actual method for FBT. In respect of staff and their spouses, property fringe benefit would apply. Taxable value based on cost of tickets. Entertainment Calculation of taxable value Actual cost method } Expense payment Some Property Residual Case study Minor fringe benefits TR 2007/12 Christmas parties benefits can be exempt under either, S.41 or S.58P. Employer holds Christmas party at a local restaurant. Employees' partners and children are able to attend. Cost per person is less than $300. Necessary to consider criteria listed in S.58P to determine if unreasonable to treat benefit as a fringe benefit. Christmas party is provided infrequently, but regularly. Regard must be had to other criteria in TR 2007/12. ATO usually accepts the party is minor benefit If exempt no income tax deduction and no ITC. Copyright 2016 Chartered Accountants Australia and New Zealand 10
11 Entertainment Calculation of taxable value Actual cost method Interaction with tax & GST. Expenditure Amount attributable to employees Amount attributable to others Is this amount subject to FBT? Yes No Promotional events; or Eligible seminars; or In-house dining facility; or Tax deductions ITCs allow ed Yes No No tax deductions No ITCs allow ed Entertainment Calculation of taxable value 50:50 split method Simple calculation process Add all food & drink expenses Multiply by 50% No exemptions under S.41 or S.58P. 50% Expenditure 50% Amount subject to FBT Amount not subject to FBT Tax deductions ITCs allowed No tax deductions No ITCs allowed Copyright 2016 Chartered Accountants Australia and New Zealand 11
12 Exemptions Minor Benefits S.58P makes minor benefits exempt from FBT Conditions TV of benefit must be < $300; and It must be unreasonable to treat the benefit as a FB Taking a series of factors into account. Factors include Infrequency and irregularity Total TV of benefit and similar benefits Total TV of benefit and associated benefits Difficulty in calculating TV Circumstances in which it is provided See TR 2007/12 Exemption cannot apply if for food or drink and 50:50 or register method chosen. Exemptions Property Benefits S.41 makes exempt from FBT property benefits - Provided on work premises of the employer Consumed on the work premises On a work day By a current employee. Does not apply if benefits are provided under a salary package arrangement Does not apply to food and drink if the employer uses the 50:50 method or the register method. Copyright 2016 Chartered Accountants Australia and New Zealand 12
13 Exemptions Work related items S.58X makes exempt from FBT certain work related items if primarily for use in employees employment - Portable electronic device An item of computer software An item of protective clothing A briefcase A tool of trade. Only one of each item with substantially identical functions per FBT year; unless It is a replacement item; or It is a portable electronic device and employer is a SBE. Exemptions Other Exemptions Division 13 contains a number of exemptions that apply in specific circumstances See paper for full list. Examples 57 Certain benefits paid to employees of religious institutions 58GA Small business car parking 58Q Long service awards. Copyright 2016 Chartered Accountants Australia and New Zealand 13
14 Reductions in TV Other reductions Division 14 contains a number of reductions in TV that apply in specific circumstances See paper for full list. Examples S.60A and 61 Remote area holiday transport 61C Temp accommodation for relocation 65A Education of children of overseas employees. Salary Packaging Arrangements Definition Salary packaging or salary sacrifice arrangements (SSA) are: Arrangement between employee and employer where; Employee agrees to forgo salary in exchange for; The employer providing benefits of a similar cost. Arrangements maintain total cost of employment to employer by charging against the remuneration total: The cost of any benefit to the employer; Any FBT payable; The GST payable on any recipient contribution; Adding back ITC the employer gets; The residual salary and wages. Copyright 2016 Chartered Accountants Australia and New Zealand 14
15 Salary Packaging Arrangements Example Ken is an employee of Happy Co and is currently paid $100,000. He wants to salary package a television worth $5,500. How much should his salary be reduced by (ignoring superannuation guarantee amounts) so that his TCE is still $100,000? Answer We need to ensure that the total cost of employing Ken remains $100,000, so from this amount we need to subtract the costs of providing the television. These are: The cost of the television $5,500 ITC ($500) FBT payable on the television $5,784 ($5,500 x x 49%) Total reduction in salary $10,784 So Ken s salary package would be: Salary (i.e. $100,000 10,784) $89,216 Television $5,500 Salary Packaging Arrangements Effective Arrangements An effective arrangement is An arrangement entered into before S&W are earned so that the employee is sacrificing future S&W not year earned An ineffective arrangement attempts to convert S&W already earned into benefits Time of derivation is therefore critical in some cases. Lesson 1 When entering a package arrangement make it begin the next pay period that starts after the signing date Lesson 2 Discretionary bonus enter into agreement before employer makes decision to aw ard bonus Performance bonus enter into before criteria (eg sales target) met Profit share bonus enter into before profit calculated and employee informed of existence and amount of bonus. Copyright 2016 Chartered Accountants Australia and New Zealand 15
16 Salary Packaging Arrangements Effective Arrangements An effective arrangement is An arrangement entered into before S&W are earned so that the employee is sacrificing future S&W not year earned An ineffective arrangement attempts to convert S&W already earned into benefits Time of derivation is therefore critical in some cases. Lesson 3 Packages are effective when on leave, but you cannot salary sacrifice leave entitlements Lesson 4 Be careful with termination payments (unused leave, LSL etc) ATO does not think you can effectively sacrifice termination payments (See Turner s case). FBT and Division 7A Related party employees FBT loan fringe benefits exist Div 7A also applies Div 7A takes precedence over FBT. Because of this: No FBT, if loan is a deemed dividend No FBT, if loan is excluded by written agreement. Example No FBT Loan Div 7A FBT MYR Ace Auto Services Pty Ltd May 2013 June 2013 March 2014 June 2014 Shareholder/ Employee Div 7A applies 0%, no agreement deemed dividend Copyright 2016 Chartered Accountants Australia and New Zealand 16
17 FBT and Division 7A Related party employees FBT loan fringe benefits exist Div 7A also applies Div 7A takes precedence over FBT. Because of this: No FBT, if loan is a deemed dividend No FBT, if loan is excluded by written agreement. Example No FBT Loan Div 7A FBT MYR Ace Auto Services Pty Ltd May 2013 June 2013 March 2014 June 2014 Shareholder/ Employee Div 7A applies 5.65%, written agreement no deemed dividend FBT and Division 7A Related party employees Payments and private use of assets Special rule - Div 7A excluded if payment (including private use of assets) provided to s/h in capacity of employee Special rule no deemed dividend for private use of assets if it would be a minor benefit FBT takes precedence over Division 7A. Example No FBT Loan Div 7A FBT MYR Ace Auto Services Pty Ltd May 2013 June 2013 March 2014 June 2014 Shareholder/ Employee Div 7A applies 5.65%, written agreement no deemed dividend Copyright 2016 Chartered Accountants Australia and New Zealand 17
18 FBT Update What is new? Rates and thresholds updated like each year PCG 2016/10 Fleet : simplified approach for calculating car fringe benefits 20+ tool of trade cars Log books for 75% then average Failing to lodge FBT returns: 75% penalties affirmed Re GSLL & Ors and FCT [2016] AATA 954 PCG 2016/14 Discount to the valuation of housing fringe benefits provided by retirement village operators 10% discount. Don t miss upcoming These LiveOne sessions are also available as OnDemand Recordings Date Topic LIVE SESSIONS Thursday 2 March 2017 Special Tax Topics 2017 Fringe Tax Benefits (FBT), Case Study Thursday 9 March 2017 Foundations of SMSFs Superannuation Essentials, Understanding SMSFs Wednesday 15 March 2017 Tuesday 21 March 2017 Essential Tax Update March Essential SMSF Updates March Copyright 2016 Chartered Accountants Australia and New Zealand 18
19 More Online Training opportunities Find more LiveOne online training opportunities at charteredaccountants.com.au/liveone Subscribe to the elearning Update to receive updates on LiveOne and elearning opportunities Copyright Chartered Chartered Accountants Accountants Australia + New Australia Zealand and 2017 New Zealand All rights reserved. Thank you! Chartered Accountants Australia + New Zealand 2017 Copyright 2016 Chartered Accountants Australia and New Zealand 19
21/08/2012. Hot Tax Topics FBT and salary packaging. Wednesday, 22 August Proudly sponsored by:
Proudly sponsored by: Hot Tax Topics FBT and salary packaging Wednesday, 22 August 2012 Presented by: Bruce Thomas Senior Tax Training Specialist Institute of Chartered Accountants Australia Proudly sponsored
More informationTAX LAW WEEK 10 LECTURE (Fringe benefit tax) Introduction. Definition:
TAX LAW WEEK 10 LECTURE (Fringe benefit tax) Introduction The fringe benefits tax regime is essentially a tax on a wide range of benefits provided by an employer to an employee. S 26(e) of the ITAA36 (now
More information2017 FBT UPDATE. MKT Taxation Advisors
2017 FBT UPDATE MKT Taxation Advisors Disclaimer: This material should not be used or treated as professional advice and readers should rely on their own enquiries in making any decisions concerning their
More information2017 Fringe Benefits Tax & Salary Packaging Seminar
2017 Fringe Benefits Tax & Salary Packaging Seminar The guidance and strategies needed to navigate through FBT in 2017 & beyond Elizabeth Lucas Partner - Remuneration Taxes Grant Thornton Australia George
More informationTax Impact of Entertainment
Tax Impact of Entertainment Peter C. Adams October 2017 Entertainment The provision of to employees, associates and clients has income tax, fringe benefits tax and GST implications Identifying what amounts
More informationChristmas party decision tree
Christmas party decision tree provides a Christmas party (meals and drinks) On business premises during a working day to: Offsite (eg a restaurant) regardless of the time of day to: 2 Associate of employee
More informationFBT 2015 WHAT S NEW FOR FBT IN 2015?... 1
WHAT S NEW FOR FBT IN 2015?... 1 1. NEW FBT rate and gross-up rates for the 2015 FBT year... 4 1.1 New FBT gross-up rates apply for the 2015 FBT year... 4 1.2 Applying the new FBT rate and gross-up rates
More informationclient alert fbt return action checklist March 2010
client alert fbt return action checklist March 2010 Gross-up Rates Yes No Are you entitled to a GST refund on the provision of the fringe benefit? If yes, the Type 1 gross-up rate applies: 2.0647. If no,
More informationclient alert fbt return action checklist
client alert fbt return action checklist March 2019 Gross-up rates Are you entitled to a GST refund on the provision of the fringe benefit? If yes, Type 1 gross-up rate applies. If no, Type 2 gross-up
More informationCATEGORIES OF FRINGE BENEFITS
Categories CATEGORIES OF FRIGE BEEFITS CATEGORY CALCULATIO OF TAXABLE VALUE REDUCED BY Cars 1. Statutory Formula 2. Operating Cost Loans Statutory Interest 2019: 5.20% o Interest charged (Employee contributions)
More informationclient alert fbt return action checklist
client alert fbt return action checklist March 2017 Types of benefits Car fringe benefits Was a vehicle made available to an employee (or an employee s associate) for private use where the vehicle is owned
More informationChecklist of benefits
FBT CHECKLIST 2018 Checklist of s How to use this checklist 3 Checklist of s 4 Cars 4 Loans 5 Debt waiver 5 Housing 6 Living away from home allowance (LAFHA) 6 Travelling expenses 7 Entertainment expenses
More informationUNIVERSITY. Fringe Benefits Tax. Guide
UNIVERSITY Fringe Benefits Tax Guide 2015 FRINGE BENEFITS TAX GUIDE 1. Introduction.....3 2. General Information...3 3. Car Fringe Benefits 4 4. Meal Entertainment Fringe Benefits...9 5. Expense Payment
More informationclient alert fbt return action checklist
client alert fbt return action checklist March 2012 ATO compliance activities Are you aware of the ATO s compliance activities concerning FBT and employer obligations? Main areas of concern include employers
More informationclient alert fbt return action checklist
client alert fbt return action checklist March 2016 Rate of tax Are you aware of the FBT rate changes for the year ending 31 March 2015 onwards? The rates are as follows: FBT year Ending 31 March 2014
More informationFBT Return Action Checklist. March % 47% 49% 47%
FBT Return Action Checklist March 2017 Spry Roughley Rate of tax Are you aware of the FBT rate changes for the following FBT years? The rates are as follows: FBT year Ending 31 March 2014 (and prior years)
More informationFBT RETURN ACTION CHECKLIST MARCH 2017
FBT RETURN ACTION CHECKLIST MARCH 2017 Rate of tax Yes Are you aware of the FBT rate changes for the following FBT years? The rates are as follows: FBT year Ending 31 March 2014 (and prior years) Ending
More informationFringe benefits tax Loading NTAA software...a
Contents Topic Page No. Loading NTAA software...a Using the software... b 2002 FBT Return Form Preparer & CQM... b Salary Sacrifice Calculator or CGT Register Calculator...c Questions...c A guide to the
More informationFringe Benefits Tax Information Gathering Questionnaire
Fringe Benefits Tax Information Gathering Questionnaire Client: Date: Please complete this questionnaire in relation to the FBT year 1 April 2015 to 31 March 2016 and return the questionnaire and relevant
More informationFBT Checklist 2006/07
FBT Checklist 2006/07 Checklist of s 3 How to use this checklist 4 Checklist of benefits 4 Motor Vehicle Expenses 5 Loans 5 Debt Waiver 6 Housing 7 Travelling Expenses 8 Entertainment Expenses Meal 9 Entertainment
More informationFringe Benefits Tax. History
Fringe Benefits Tax Fringe benefits tax is a tax paid on certain benefits employers provide to their employees or their employee s associates (typically family members). FBT is separate from income tax
More informationFringe Benefit Client Questionnaire
Fringe Benefit Client Questionnaire This attachment has been prepared to aid you in completing your Fringe Benefit Client Questionnaire. The purpose of this attachment is to provide you with more information
More informationFBT. Step 2 Excluded? S136(1) Salary or wages Superannuation contributions Employee share scheme Payments on termination of employment lc
1 FBT Tax the provision of FB=> imposed on the employer s66(1) FBT year: 1 April -31March FB? 4 elements Exclusions? Categories=> TV Exemption? Specific/Div 13 Reduce TV? RR/ODR Type 1/Type 2 => FBT taxable
More informationFBT What s new for FBT in
Contents What s new for FBT in 2010...1 1. New rules create huge FBT sting for benefits provided to overseas employees!...2 1.1 Applying the rules before 1 July 2009 the background...2 1.2 Applying the
More information2018/2019 Salary Packaging & FBT
Paul Mather 2018/2019 Salary Packaging & FBT FBT Return Outsource FBT Compliance Risk Review FBT Advisory and Consulting FBT Query Service FBT & Salary Packaging Training Car Parking FBT Valuation Logbook
More informationWhat employers need to know about FBT 2018
What employers need to know about FBT 2018 The Fringe Benefits Tax (FBT) year ends on 31 March. We ve outlined the key hot spots for employers and employees. Motor vehicles using the company car outside
More informationFringe Benefits Tax. Client Update. April Introduction. FBT Rate and Gross Up Rates. FBT Deadlines
Fringe Benefits Tax April 2018 Introduction With the recent close of the 2018 Fringe Benefits Tax (FBT) year on 31 March 2018, we would like to take this opportunity to provide a general recap on FBT and
More informationPOSITIVE LIMBS OF FRINGE BENEFITS
FRINGE BENEFITS (Chapter 22) FBT is imposed on employers (in the hand of the employee it s NANE income, that s why we don t take it into account for tax loss calculations) Assessed under the Fringe Benefit
More informationIPA Victoria State Congress. FBT & salary packaging update. Elizabeth Lucas Partner - FBT Specialist Grant Thornton Australia
IPA Victoria State Congress FBT & salary packaging update Elizabeth Lucas Partner - FBT Specialist Grant Thornton Australia Outline Recent changes / trends Common benefit categories Compliance, efficiencies,
More information2018 Fringe Benefits Tax (FBT) Update
2018 Fringe Benefits Tax (FBT) Update As the end of the Fringe Benefits Tax (FBT) year approaches, there have been a few changes of note that impact an employer s current year FBT liability. In addition
More informationTHE INTERACTION BETWEEN THE GOODS AND SERVICES TAX AND THE FRINGE BENEFITS TAX
THE INTERACTION BETWEEN THE GOODS AND SERVICES TAX AND THE FRINGE BENEFITS TAX By James Leeken * The Fringe Benefits Tax legislation is relatively complicated partly due to the vast number of fringe benefits
More informationFringe Benefits Tax ATO Update for Intermediaries
Fringe Benefits Tax 2018 ATO Update for Intermediaries Presented by: Taras, Izzy and Chris, Australian Taxation Office / 18 October2018 Session overview What attracts our attention Tips for common errors
More informationWALGA TAX SERVICE LOCAL GOVERNMENT OFFICERS TAX GUIDE Serious about Success.
2017-18 WALGA TAX SERVICE LOCAL GOVERNMENT OFFICERS TAX GUIDE www.moorestephens.com.auww.m Serious about Success Prepared by Moore Stephens (WA) Pty Ltd in conjunction with the WA Local Government Association.
More information2018 Salary Packaging & FBT
Paul Mather 2018 Salary Packaging & FBT FBT Return Outsource FBT Advisory and Consulting FBT & Salary Packaging Training Logbook Solutions FBT Compliance Risk Review FBT Query Service Car Parking FBT Valuation
More informationTax and Christmas party planning
Client Newsletter November 2017 Tax and Christmas party planning Christmas will be here before we know it, and the well-prepared business owner knows that a little tax planning can help make sure there
More informationFBT 2014 WHAT S NEW FOR FBT IN
WHAT S NEW FOR FBT IN 2014... 1 Introduction... 3 1. Game changing developments with the log book method in 2014... 4 1.1 Former Government back flip on the Operating cost method... 4 1.2 ATO confirms
More informationDFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN. keeping you informed autumn 2018 IN THIS ISSUE YOUR BAS & RECORD KEEPING
DFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN IN THIS ISSUE Your BAS & Record Keeping Fringe Benefits Tax Year End 31 March 2018 Small Business Depreciation Last Chance For $20,000 Instant Asset
More informationFBT CHECKLIST Business Name
FBT CHECKLIST Business Name 1. Car Benefits Did you provide a car to a director, employee or their associate(s) that was available for private use? Do you have any employees who salary package cars? Have
More informationGovernment and Non-Profit ONLY!
Government and Non-Profit ONLY! Train with the specialists in taxation education for government agencies BY FAR THE MOST COMPREHENSIVE FBT TRAINING IN AUSTRALIA The 2008 FBT seminar will cover all of your
More informationPOLICIES AND ASSOCIATED PROCEDURES
POLICIES AND ASSOCIATED PROCEDURES POLICY NUMBER: PREVIOUS POLICY NUMBERS: POLICY NAME: POF110420006 POF110420005 (updated 23/04/11 via minor amendment) POF110420004 (updated 03/05/07 via minor amendment)
More informationGST & FBT. School of Medicine. Agenda GST FBT. GST Basics Receivables Donations. Payables Compliant Tax Invoices Types of Transactions
GST & FBT School of Medicine GST GST Basics Receivables Donations Payables Compliant Tax Invoices Types of Transactions FBT Taxable Benefits Entertainment Agenda 1 GST Basics GST is a broad based consumption
More informationThree-quarter FBT year compliance check-up
Client Newsletter - Tax & Super November 2018 Three-quarter FBT year compliance check-up Photo by rawpixel on Unsplash As the FBT year runs from 1 April to 31 March, the months of October to December mark
More informationWith the silly season well and truly behind us, hopefully you're well into the swing of things for 2018!
With the silly season well and truly behind us, hopefully you're well into the swing of things for 2018! By the time you receive this we'll have wrapped up our FBT Roadshow for another year, with record
More informationDFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN. keeping you informed autumn 2018 IN THIS ISSUE YOUR BAS & RECORD KEEPING
DFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN IN THIS ISSUE Your BAS & Record Keeping Fringe Benefits Tax Year End 31 March 2018 Small Business Depreciation Last Chance For $20,000 Instant Asset
More informationCrown Service Enterprise ( CSE ) Tax Policies. GST, FBT, PAYE and Withholding Tax
Crown Service Enterprise ( CSE ) Tax Policies GST, FBT, PAYE and Withholding Tax Last updated: 8 February 2018 Disclaimer: This document is intended only as a general guide, and should not be used or relied
More informationGovernment & Non-Profit FBT Two Full Day Programs to Choose From. Train with the specialists in taxation education for government agencies
Government & Non-Profit FBT 2007 Two Full Day Programs to Choose From Program One Program Two Ringing in the Changes A simple introduction and guide to current FBT practice in the Government / Non-Profit
More informationTax and the sharing economy
Information Newsletter - Tax & Super March 2017 Tax and the sharing economy The concept of a sharing economy has been around for long enough now to have had a very real impact on how we transact with each
More informationSalary packaging handbook
Salary packaging handbook Exempt toyotafleetmanagement.com.au FLEET MANAGEMENT TRUSTED FIGURES IN FLEET Contents Introduction 3 What is salary packaging? 4 What items can be salary packaged? 5 Why salary
More informationFringe Benefits Tax: Entertainment Benefits
Entertainment Benefits What is considered to be Entertainment? Entertainment is defined to mean: entertainment by way of food, drink or recreation; or accommodation or travel associated with providing
More information2017 FBT Return Essentials Checklist
1 2017 FBT Return Essentials Checklist Updated to include checklists on additional benefit categories, Tax Exempt Bodies, Small Business Exemptions and Car Parking exemptions. 2 About FBT, Payroll & Salary
More informationCRISPIN & JEFFERY. Chartered Accountants
2018 FRINGE BENEFITS CHECKLIST This form is a checklist of the various types of Fringe Benefits that your organisation may provide. Please answer the following questions. 1. Were any cars provided to employees
More informationFringe Benefits Tax Assessment Act 1986
Fringe Benefits Tax Assessment Act 1986 Act No. 39 of 1986 as amended This compilation was prepared on 26 September 2006 taking into account amendments up to Act No. 101 of 2006 Volume 1 includes: Table
More informationDFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN. keeping you informed autumn 2017 IN THIS ISSUE ATO & DATA MATCHING
DFK AUSTRALIA NEW ZEALAND BUSINESS & TAXATION BULLETIN IN THIS ISSUE ATO & Data Matching Tax Rate Changes for Temporary Working Holiday Makers GIC & SIC Rates Fringe Benefits Tax Fuel Tax Credits FEATURE
More informationCAR BENEFITS. FBT Notes and Checklist. may CAR BENEFITS 1. Prepared by: Noel May & Associates March 2010
may CAR BENEFITS FBT Notes and Checklist Prepared by: Noel May & Associates March 2010 may CAR BENEFITS 1 Cars subject to FBT A car fringe benefit arises when a car which is owned or leased by an employer,
More informationFRINGE BENEFITS TAX GENERAL INFORMATION FBT PPL SUPPLEMENTARY...
V1.17. 24May2017 1 INTRODUCTION... 3 2 FRINGE BENEFITS TAX GENERAL INFORMATION FBT PPL SUPPLEMENTARY... 4 2.1 BENEFIT PROVIDED IN RESPECT OF EMPLOYMENT... 4 2.2 RECIPIENT OF FRINGE BENEFITS : WHO ARE EMPLOYEES
More informationFringe Benefits Tax (FBT) 2018 Questionnaire Including Motor Vehicle Odometer Reading Form
AT ANY TIME FROM 1 APRIL 2017 TO 31 MARCH 2018, DID YOU: make vehicles owned or leased by the business available to employees for private use? provide loans at reduced interest rates to employees? forgive
More informationINTRODUCTION. We ve created this guide to help you determine what you can and cannot claim as a business expense either in full or partially.
INTRODUCTION In the day to day running of your business, you re likely to incur a number of expenses. Some of these can be claimed as tax deductible come tax time, which means they can be deducted from
More informationSession 4C: 24 November 2016
Session 4C: Employment Taxes Tips Tricks and Traps Judy White 24 November 2016 1 JUDY WHITE, ASSOCIATE DIRECTOR - BDO Thursday 24 November 2016 EMPLOYMENT TAXES TIPS TRICKS AND TRAPS OVERVIEW The area
More informationChapter 6: Fringe Benefits Tax
Chapter 6: Fringe Benefits Tax Notes re calculations: - As per the FBT return form, Grossed up and Taxable amounts are presented in whole dollars, for example $3,000.35 and $3,000.88 both become $3,000.
More informationEmployer & Employee Solutions. Liability limited by a scheme approved under Professional Standards Legislation
Employer & Employee Solutions www.fbtsolutions.com.au www.fbtseminars.com.au www.carparkingfbtrates.com.au Preparing Your 2012 FBT Return Paul Mather Our aim for today is to help you Manage your FBT Return
More informationSALARY PACKAGING. Policy & Administrative Guide
SALARY PACKAGING Policy & Administrative Guide E A S T E R N H E A L T H Salary Packaging Policy Salary Packaging benefits must comply with relevant taxation legislation and rulings (the Income Tax Assessment
More informationTHINGS TO DO BEFORE 30 JUNE
16 June 2017, Volume 7, Page 1 Our Business Website Staff Update Fees Things to do before 30 June Taxation & Accounting Checklists Audit Checklists ATO My Deductions App Office Hours: 8:30am to 5:00pm
More informationNational Tax & Accountants Association Ltd. Substantiation Exception for Reasonable Travel Allowance Expenses. Submission
National Tax & Accountants Association Ltd Substantiation Exception for Reasonable Travel Allowance Expenses Submission 22 November 2016 1 Executive Summary The National Tax & Accountants Association Ltd
More informationTax Deductibility of Travel
Tax Deductibility of Travel Where the bl**dy hell are you? Judy White (Associate BDO - Brisbane Tax Division) 1:45pm on Friday 24 November 2017 Tax Deductibility of Travel Session Details: In anticipation
More informationDECEMBER 2015 BUSINESS NEWSLETTER
DECEMBER 2015 BUSINESS NEWSLETTER Example industries include; Exploration and Mining; Manufacturing; Education; Building and Construction; Offshore Oil and Gas Support Services; Retail and Hospitality;
More informationVictorian Allied Health Professionals Association. Finance Policy and Procedures. Annexure C: Travel, Meals and Entertainment Policy
Rule 90 Policy Victorian Allied Health Professionals Association Finance Policy and Procedures Annexure C: Travel, Meals and Entertainment Policy This is the Travel, Meals and Entertainment Policy adopted
More informationATO REVIEWING TAXABLE PAYMENTS
December Newsletter Our December newsletter covers a number of topics from immediately deducting certain capital start-up costs, the ATO reviewing taxable payment annual reports and their data matching
More informationFLOWCHART: TAXABLE SUPPLIES SECTION 9-5
Taxable Supplies and Importations FLOWCHART: TAXABLE SUPPLIES SECTION 9-5 HAS A SUPPLY BEEN MADE? HAS A TAXABLE IMPORTATION BEEN MADE? WAS THE SUPPLY MADE FOR CONSIDERATION? WAS THE SUPPLY MADE IN THE
More informationWhat this Ruling is about
Australian Taxation Office Goods and Services Tax Ruling FOI status: may be released Page 1 of 35 Goods and Services Tax Ruling Goods and Services Tax: GST and how it applies to supplies of fringe benefits
More information5. Loan Benefits Yes No N/A Please provide details of any loans or advances provided to employees throughout FBT year:- Date loan commenced Initial lo
Fringe Benefits Tax (FBT) Questionnaire - 2017 Year Client Name: Date: Please take the time to complete this checklist as it is a very important part of the FBT return process. It helps you: Identify and
More informationFRINGE BENEFITS TAX (FBT)
NEWSFLASH BOOKLET Visit us at www.bantacs.com.au FRINGE BENEFITS TAX (FBT) For website technical support, email technicalservices@bantacs.com.au For all accounting & tax support contact one of our offices
More informationTax Hot Spots II 2009 WHAT S NEW IN 2009/ Division 7A expanded problems for clients using company assets...3
Contents Topic Page No. WHAT S NEW IN 2009/10...1 Division 7A expanded problems for clients using company assets...3 1. The use of company assets by shareholders...3 2. Proposed carve-outs under the new
More informationFringe Benefits Tax Return Information
Fringe Benefits Tax Return Information Please feel free to bring this form to your appointment or include with the information you send to us, via post, e-mail or internet upload: TO: WLF Accounting &
More informationExtend the festive cheer (but in a taxefficient
Client Information Newsletter - Tax & Super December 2016 Extend the festive cheer (but in a taxefficient way) The festive season is here again. As with other years it is always brimming with the spirit
More informationFringe Benefits Tax Information Schedule & Checklist For the FBT year ending 31 st March 2018 Page 1 of 8
Page 1 of 8 Client Name Important Information about this checklist 1. Checklist Due Date: Friday, 27 th April 2018 - Failure to return this checklist by the due date may result in delayed preparation of
More informationTaxation and Financial Matters for Lawyers
Taxation and Financial Matters for Lawyers Professional Practice Advisory CROWE HORWATH Chartered Accountants May 2017 Purpose of this Session To cover the taxation issues applicable when establishing
More informationSalary packaging handbook. Corporate
Salary packaging handbook Corporate Corporate Contents Introduction 3 What is salary packaging? 4 What items can be salary packaged? 5 Why salary package? 6 Novated leases 7 What is a novated lease? 7
More informationChartered Accountants. Tax in focus. Monthly audio program. June 08. The extras
Chartered Accountants Tax in focus Monthly audio program June 08 The extras Tax training that really measures up "The Institute's In-House Tax Training has taken our firm's training program to a new level"
More informationGovernment - Non Profit - Rebateable Employers. Delegate Support Package. a set of innovative and practical tools specifically designed for the sector
Government - Non Profit - Rebateable Employers Includes the Delegate Support Package a set of innovative and practical tools specifically designed for the sector TaxEd seems to have the ability to make
More informationApril The small business $20,000 instant asset write-off. Time to go shopping! The $20,000 instant asset write-off explained
The small business $20,000 instant asset write-off. Time to go shopping! The small business write-off threshold of $20,000 was extended to 30 June 2018 and is available to all small businesses with an
More informationFringe benefits tax your business basics
- Tax & Super March 2015 Fringe benefits tax your business basics If you own a business that employs staff, and provide remuneration to your employees in a form other than straight salary, you may be up
More informationEXPATS: IN & OUT OF AUSTRALIA
EXPATS: IN & OUT OF AUSTRALIA 1 November 2018 Upen Goswami Manager, Employment Taxes Rob Xie Manager, Global Mobility Overview 1. Expat 101 Australian tax residence and payroll implications Foreign tax
More informationFBT for NFPs. A practical guide for your FBT compliance
FBT for NFPs A practical guide for your FBT compliance Presented by Phil Turnour, Risk & Intelligence Manager, Australian Taxation Office / 6 April 2017 Session Overview Session Overview 1. Registering
More informationCouncil wants to: Provide employees with choice and flexibility that suit their own needs and preferences. Adopt Best Practice and Industry Standard.
Council wants to: Provide employees with choice and flexibility that suit their own needs and preferences. Be an employer by choice. Adopt Best Practice and Industry Standard. Attract, retain and motivate
More informationTax Update Newsletter. February 2017
As we enter FBT season we have taken a different approach to this month's newsletter. We have received a number of great FBT Q&As and have included the best ones for you in this month's issue. The increased
More informationSALARY PACKAGING GUIDELINES
SALARY PACKAGING GUIDELINES COVERAGE These guidelines apply to all permanent Australian based Ramsay Health Care (Ramsay) employees and are available immediately upon commencement. Long term, regular casual
More informationFBT your business basics
McKinnon & Co Accountants Pty Ltd Suite 2, 25 Mabel Street, Atherton PO Box 279, ATHERTON QLD 4883 Telephone (07) 4091 1244 Fax: (07) 4091 3202 CERTIFIED PRACTISING ACCOUNTANTS ABN 65 010 329 576 FBT your
More informationWhat this Ruling is about
Australian Taxation Office Taxation Ruling FOI status: may be released page 1 of 37 Taxation Ruling Income tax and fringe benefits tax: entertainment by way of food or drink other Rulings on this topic
More information45-47 Addison Street Suite 16, 828 High Street Elwood Victoria 3184 Kew Victoria 3102 Phone Phone
MADA NEWS XMAS 2007 EDITION 45-47 Addison Street Suite 16, 828 High Street Elwood Victoria 3184 Kew Victoria 3102 Phone 03 9531 666 Phone 03 9819 7308 INTRODUCTION Welcome to our final newsletter for 2007;
More informationGuidelines for the. Remuneration of Parish. Clergy and Lay Ministers
National Anglican Resources Unit Guidelines for the Remuneration of Parish Clergy and Lay Ministers NARU General Synod Office PO BOX Q190 QVB Post Office NSW 1230 Ph: 02 9265 1525 Fax: 02 9264 6552 Guidelines
More informationSalary sacrificing into superannuation
Salary sacrificing into superannuation TB 10 TECHNICAL SERVICES ISSUED ON 1 JULY 2018 ADVISER USE ONLY VERSION 1.5 1 Summary Salary sacrificing part of an employee s wage or salary into superannuation
More informationTaxWise Business News February 2018
TaxWise Business News February 2018 The small business $20,000 instant asset write-off extended time to go shopping! The small business write-off threshold of $20,000 has been extended to 30 June 2018
More informationWages Definition Manual
Wages Definition Manual March 2012 Disclaimer This publication may contain work health and safety and workers compensation information. It may include some of your obligations under the various legislations
More informationIR 268 June Entertainment expenses A guide to the tax treatment of business entertainment expenses
IR 268 June 2007 Entertainment expenses A guide to the tax treatment of business entertainment expenses www.ird.govt.nz 3 Introduction This guide is designed to help you understand the rules for claiming
More informationFringe Benefits Tax CHECKLIST FOR THE FBT YEAR ENDED 31 MARCH 2014
Fringe Benefits Tax CHECKLIST FOR THE FBT YEAR ENDED 31 MARCH 2014 FBT Contact Person: Peter Hong (peter.hong@mkttax.com.au) Disclaimer: The material in this document is for your general information only.
More informationSALARY PACKAGING USER GUIDE
SALARY PACKAGING USER GUIDE Page 1 of 21 Introduction Griffith University recognizes the value to staff members of flexible remuneration which can be provided by way of salary packaging. It is possible
More information7/22/2009. Charitable Institutions. Charitable Funds. PBIs & HPCs
FBT BASICS FOR CHURCHES & CHARITIES Bob Campbell CPA MSW RJ Campbell & Associates 459 Hay Street Perth 0892189922 rjcampbell@campbellsaccountants.com.au FBT Fundamentals The Objective of Salary Packaging
More informationTaxwise Business News
Taxwise Business News In this Issue... More small business tax measures are now law Small business tax measures regulatory costs GST determinations GST treatment of cross-border transactions Individual
More informationTaxwise Business News
Taxwise Business News In this Issue... FBT changes: salary packaged meal and other entertainment benefits Other FBT updates Car expense substantiation methods simplified Superannuation rates and thresholds
More informationEXPATS: IN & OUT OF AUSTRALIA
EXPATS: IN & OUT OF AUSTRALIA 19 October 2017 Alice Chudowolski Senior Manager, Employment Taxes James Ortner Senior Manager, Global Mobility Overview 1. Expat 101 Australian tax residence and payroll
More information