Cars, being the most common and highest valued benefit, continue to be a major ATO focus. The ATO are targeting cars on a number of fronts….
Luxury cars and use of logbook
The ATO have focussed closely on the use of log books in respect of luxury vehicles, especially high end luxury sports cars.
We highlight the following key action items:
- Do you have logbooks for every car where the logbook method has been adopted historically? If there is no logbook, then revert to the statutory formula method for 2012. Consider the exposures you may have for the earlier years, not just the FBT liabilities, but also payment summary reporting errors and underpayment of payroll tax
- Do you have a process in place for reviewing & approving logbooks or do you accept the word of your employee?
- Does the business percentage make sense? Is it realistic given the employee’s role and responsibilities?
- Assuming the business percentage is high (80% plus), then what are the nature of the business trips and why have they been undertaken?
- Make sure you have original signed versions of logbooks on file and check that they have not expired or that the employee role / duties remains the same as when the logbook was originally prepared.
Documentation of the above should be included on the employee’s personal payroll file, especially where the car is salary packaged.
Understanding Salary Packaging Seminars 2012
Our Understanding Salary Packaging Seminar is designed for personnel who have any involvement on a day to day basis with salary packaging management and compliance. This will include Payroll Managers and Staff, HR Managers and their teams, Finance (finance managers, accountants and AP staff) and Tax personnel.
By attending one of our seminars, we will help you to understand what’s important and identify real savings. (We’ll send you a questionnaire before hand, and make sure we cover what you need to know!)
Who should attend?
If you have any involvement on a day to day basis with salary packaging management and compliance, attendance is a must. (We’ll send you a questionnaire before hand, and make sure we cover what you need to know!)
When are the seminars?
- Wednesday 12th September 2012 – Sydney
- Wednesday 19th September 2012 – Melbourne
- Thursday 11th October 2012 – Brisbane
- Thursday 18th October 2012 – Perth
Where are the seminars?
The seminars will be held at: The Sydney Hilton, 488 George Street. The Melbourne Hilton on the Park, 192 Wellington Parade. The Brisbane Hilton, 190 Elizabeth Street. The Perth Hilton, 14 Mill Street.
How can I found out more?
If you have any queries on the seminar content, or would like to request a group discount or discuss In-House Customised FBT Training, then please contact us on 02 8079 2924 0r firstname.lastname@example.org
The celebrations have long faded and the ledger accounts are heavy with the weight of entertainment expenses.
For employers who involved themselves in the great event, now is the time to count the FBT cost.
Where to start?
- Why did the employees / spouses / clients / others travel to NZ? Was it just for enjoyment and to watch the rugby?
- What did they do whilst they were there? Attend business meetings / training / be entertained or entertain / watch lots of rugby
- What costs were incurred?
- What records were kept?
Contact us on 02 8079 2924 0r email@example.com