This time of year the upcoming FBT season starts to become front of mind. How are we going to complete our FBT return? Do we need some training? Do we need some external assistance? We have a number of partners offering a range of services that you might just need!
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The more things change, well the more they change! Check out this helpful blog from the ATO detailing the 2016-17 to 2018-2019 FBT rates and thresholds:
You don’t know what you don’t know. Learn more about your FBT needs from this handy ATO blog:
https://www.ato.gov.au/General/Fringe-benefits-tax-(FBT)/Types-of-fringe-benefits/
In October 2016 the ATO released Practical Compliance Guidelines PCG 2016/10 - Fleet Cars: simplified approach for calculating car fringe benefits which allows for an optional, simplified approach to working out the business use percentage component of the operating cost method for employers with a fleet of 20 or more ‘Tool of Trade’ cars. Continue reading
FBT Exempt PBIs (Public benevolent institutions and health promotion charities) and FBT Exempt PNPHs (Public and non-profit hospitals and public ambulance services) now have an additional $5,000 meal entertainment cap on salary sacrificed Meals/EFLE entertainment benefits. This is a separate and specific cap in addition to the existing general exemption caps of $17,667 for PBIs and $31,177 for PNPHs for the 2017 FBT year.
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We have designed a new Entertainment (All) workpaper which combines the old Entertainment (Actual) and the old Meal Entertainment workpapers. This new workpaper was required due to the fact that as from the 2017 FBT year any salary sacrificed Meals/EFLE entertainment benefits must be valued under the Actual method (as they can’t be concessionally valued anymore) and these salary sacrificed Meals/EFLE entertainment benefits must now be included as reportable fringe benefit amounts (RFBs) for inclusion on your employee’s payment summaries where the total of all RFBs for the employee exceeds the $2,000 taxable value cap.
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The newly released Motor Vehicle Dealers’ version of easyFBT includes the Motor Vehicle Dealer Cars workpaper and several new reports. This version calculates your car’s fringe benefits taxable values using the special motor vehicle dealer pooling method as set out in Taxation Ruling MT 2023.
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