Fringe Benefits Tax CHECKLIST FOR THE FBT YEAR ENDED 31 MARCH 2014

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1 Fringe Benefits Tax CHECKLIST FOR THE FBT YEAR ENDED 31 MARCH 2014 FBT Contact Person: Peter Hong Disclaimer: The material in this document is for your general information only. Detailed professional advice should be obtained before taking or refraining from action based on any of its content. Whilst we endeavour to ensure the accuracy and ness of the contents of the pages in this document, MKT - Taxation Advisors accepts no responsibility for loss occasioned as a result of reliance placed on any part of its contents. Your use of this document is governed by our conditions. By progressing past this page, you are deemed to accept them. F:\Knowledge\Tax Workpapers & Templates\FBT\FBT 2014\Package for web\fbt 2014 MKT Checklist.docx

2 Fringe Benefits Tax Information Gathering Checklist Client: Date: Please this checklist in relation to the 2014 FBT year from 1 April 2013 to 31 March TYPES OF FRINGE BENEFITS To determine which types of fringe benefits are applicable to your business, please respond to the following questions: Questions Motor Vehicle Benefits Do you provide cars to employees 1 or directors (and their associates)? If Yes, please answer the questions below: Have any logbooks been maintained for motor vehicles Worksheet 1.1, provided? 2 Declaration D (section B) If No, have you taken a record of the Odometer Reading at 1 April 2013 and 31 March 2014 for each car provided to employees or associates? 3 Have you purchased any new motor vehicles during the FBT year? (Please provide a copy of the invoice and the finance contract if applicable) Declaration A Worksheet 1.2 Have you disposed of any motor vehicles during the FBT year? Have you paid or reimbursed fuel expenses for any employee s or associate s personal vehicles? Declaration B For an arrangement entered into on or before 10 May 2011, has the finance or lease been renewed, extended or paid out during the FBT year? Have you sold a motor vehicle to an employee at less than market value? 1 The definition of employees for FBT purposes includes past, present and future employees. 2 A new logbook must be d every 5 years and must cover a minimum of 12 continuous weeks. 3 Odometer reading is not required for cars purchased between 10 May 2011 and 31 March 2014 and did not travel for more than 40,000kms on an annualised basis. 2

3 Questions Loan Benefits Have you provided any loans to employees or directors at an interest rate of less than 6.45% p.a? Declaration F Debt Waiver Benefits Have you released any employees from a debt that was previously owed to you? (i.e. written off the debt rather than have the employee repay it) Expense Payment Benefits Have you paid or reimbursed any private expenses on behalf of employees or directors? e.g. electricity accounts & employees life insurance premiums Have you paid for taxis on behalf of employees where it was not a single trip or did not commence or end at the place of work? Declaration D & I Declaration D & I Housing Benefits Have you provided any employees or directors with a right to use a dwelling as their usual place of residence? Have you paid for or reimbursed employees for rental accommodation or mortgage interest for employees living in remote areas? Worksheet 3 Worksheet 3 Board Benefits Do you provide accommodation and/or meals to employees or directors as a result of an industrial award or under an employment arrangement? 3

4 Questions Living Away From Home Allowance (LAFHA) Do you provide employees or directors with an allowance when they are required to live away from their normal residence (as opposed to temporarily being away travelling 4 )? Worksheet 2 & Declaration C For a LAFHA arrangement entered on or before 8 May 2012, was there a change to the existing employment arrangement during the FBT year? Property Benefits Do you provide property or goods that are normally sold as part of the business (either free of charge or at discounted prices) to employees or directors? E.g. desktop computer or discounted stock items Do you provide property or goods (either for free or at discounted prices) to employees or directors that are not normally sold as part of the business? Declaration E Declaration E Car Parking Do you provide car parking facilities to employees or directors? Have you paid for or reimbursed an employee for parking expenses that are private in nature? Entertainment Have you paid any entertainment expenses? E.g. Christmas Party, social events and lunches & dinners for the benefit of an employee or their family? Do you have a corporate box for use by employees/clients? Worksheet 4, Declaration J (if relevant) Worksheet 4, Declaration J (if relevant) 4 Temporarily being away travelling is generally described as being away for less than 21 days. 4

5 Questions Travel Have any employees travelled locally or overseas for longer than 5 nights? If yes, was a travel diary kept or sufficient records (e.g. no private use declaration) kept? Have any employees travelled locally or overseas (for any period of time) where part of the trip was private in nature? Declaration G & H Declaration G & H Residual Benefits Do you provide any other benefits to employees which you think may be considered a fringe benefit? Declaration G & H Benefits Provided by a Facilitator or Arranger Does a third party provide (under an arrangement with you) any employees with goods or services for free or at a discount? Record Keeping Have you reviewed your cash book and/or financial statements to ensure all employee Fringe Benefits have been brought to account during the FBT tax year from 1 April 2013 to 31 March 2014? Miscellaneous Items Would you like us to perform a FBT review of your business to see if there are any FBT issues to be addressed? Would you like any salary packaging advice? Additional Comments or Queries 5

6 Additional Comments or Queries Name: Signature: Date: 6