Fringe Benefits Tax seminar notes, February 2010

The Fringe Benefits Tax seminar notes present the answers to key questions, including:

What you need to "get it right" in your 2010 return!

• FBT overview
• Identifying fringe benefits and calculating the taxable value
• FBT exemptions and concessions, for example shared and pooled vehicles
• Reportable fringe benefits, what are they and the basis of calculation?
• Documentation

Changes during 2009-10

• Amending legislation, including:
  • foreign income exemption changes to section 23AG ITAA36 which affect FBT liabilities, and
  • Tax Agent Services Act 2009 including agent responsibilities
• Newly released cases, rulings, determinations and interpretive decisions

Where is the current Tax Office compliance focus?

• 2009-10 Tax Office specific compliance issues
• Update of Tax Office audit/compliance activities

Living-away-from-home vs travelling for employment purposes

• How to determine living away from home vs travelling for business
• What are the consequences for the employer and employee in either scenarios?
• Recent Tax Office guidance in respect of living away from home allowances

What documentation must the employer maintain?

• Record keeping requirements
• What documentation the employer must obtain from the employee?
• What records are lodged with the FBT return?

Salary packaging update

• Is salary packaging still beneficial?
• Which items are best to salary package
• What is the employee contribution method?

To take an in-depth look at the content, click here.