FBT Solutions

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Month: September 2012

Today, the Senate have passed Tax Laws Amendment (2012 Measures No. 4) Bill 2012.

No amendments were made by the Senate and the new LAFH rules will apply from 1 October 2012.

Unless the transitional rules apply, from 1 October 2012 it will be necessary for an employee to maintain a home in Australia that is available for their private use and enjoyment at all times whilst they are living away from home. In addition, the living away from home period is capped at 12 months.

No transitional relief is provided for temporary residents unless they had a LAFH arrangement in place prior to 8 May 2012 AND are maintaining a home in Australia that is available for their private use and enjoyment at all times whilst they are living away from home.

If you want to understand more about the LAFH changes, impacts & transition and opportunties for relocation and travelling in the future, please register for our FBT Essentials 2012 Update seminars. We have two remaining dates, 9 October in Brisbane and 16 October in Sydney.

You can register here: http://www.fbtseminars.com.au/pdf/fbt_essentials_update_2012.pdf

 

 


Managing Employee Expenses, Entertainment & Allowances Seminars – coming soon to Brisbane, Melbourne & Sydney

We delivered our first series of seminars this week!

Through the complexity I think we were able to provide some clarity and guidance.

Must attend training for accounts payable teams, finance managers and company accountants.

Register online: http://www.cvent.com/d/bcqz6n

 


How do we treat meals whilst travelling or attending training seminars and conference, etc.

Whether using the actual method or 50/50 method, need to be able to separate between:

  1. Employee travelling  Deduct / No FBT
  2. Non travelling employee  Deduct / FBT
  3. Client travelling  Deduct / No FBT
  4. Non travelling client  Non Deduct / No FBT
  5. Spouse of employee  Deduct / FBT
  6. Spouse of client    Non Deduct / No FBT

CONCLUSION: SAME REQUIREMENTS 50/50 or ACTUAL

Want to learn more, then register for our Managing Employee Expenses, Entertainment & Allowances Seminars, online: http://www.cvent.com/d/bcqz6n

 

 


Entertainment can occur even if:

  1. It is a requirement of your role;
  2. Was provided for promotional / advertising purposes;
  3. You didn’t enjoy it;
  4. Was the 29th customer function you’ve attended this year;
  5. You didn’t want to attend; or
  6. It occurred during normal work hours.

Want to learn more, then register for our Managing Employee Expenses, Entertainment & Allowances Seminars, online: http://www.cvent.com/d/bcqz6n

 


Preparing an expense claim – what’s important?

  1.  Name
  2.  Employee ID number
  3.  Supplier
  4.  Description / Business Reason / Purpose
  5.  Bottle of Wine, Coffee & Cake, Seafood Meal, That’s Entertainment
  6.  Attendees / Participants
  7.  Expense Type
  8.  Amount / currency
  9.  Entity / Department to charge / recharge / recovery
  10.  GST & determination of tax treatment
Want to learn more, then register for our Managing Employee Expenses, Entertainment & Allowances Seminars, online: http://www.cvent.com/d/bcqz6n