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Fringe Benefits Tax Hints and Tips March 2011. 2 What is Fringe Benefits Tax A tax payable by employers on –Benefits –Provided by employers (or a third.

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Presentation on theme: "Fringe Benefits Tax Hints and Tips March 2011. 2 What is Fringe Benefits Tax A tax payable by employers on –Benefits –Provided by employers (or a third."— Presentation transcript:

1 Fringe Benefits Tax Hints and Tips March 2011

2 2 What is Fringe Benefits Tax A tax payable by employers on –Benefits –Provided by employers (or a third parties under an arrangement) –To employees (or associate of employees) –In respect of employment Rate = 46.5% Calculated: benefit value x gross up x 46.5% 1.8692 (no GST) 2.0647 (GST)

3 3 How does FBT impact Budget areas –FBT expense is charged either automatically (through 558x codes or by journal after FBT return is completed) Individuals –the value of certain fringe benefits (where total is > $2,000) must be reported on payment summaries (note grossed up taxable value is reported ie. value x 1.8692) –This impacts on income tested benefits and some govt levies and charges (eg. Medicare levy surcharge, HELP (HECS) repayments etc).

4 4 Cars Exempt cars If private kms are recorded we need a logbook! If available for private use be sure to list a driver.

5 5 Expense Dates must be within FBT year (1 April 2010 – 31 March 2011) Otherwise Deductible benefits Declarations Minor and infrequent benefits

6 6 Accommodation/Housing Living Away From Home: –“required to live away from their normal place of residence in order to perform employment related duties” –But for the work duties they would be living in their normal residence –Temporary arrangement Declaration/supporting paperwork

7 7 Property Examples: farewell gifts, computer equipment, staff awards, uniforms (except registered uniforms, protective clothing and compulsory uniforms) Declarations Minor and infrequent benefits

8 8 Equipment on loan Declarations

9 9 Loan/Debt Waiver Salary overpayments Repayment schedules

10 10 Travel Travel calculator Travel diaries

11 11 Residual Third Party benefits

12 12 11A/11B transactions 11A (need to include in FBT Pack) 11B – check and make corrections

13 13 General hints and tips Reasonableness check Compare to last year Check accounts where benefits could be ‘hiding’… eg: –5665: Medals, Medallions and Prizes –5673: Staff Development expenses –5890: Misc Op Expenses

14 14 Key dates Packs due in 15/4/2011

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