2013 FBT & Salary Packaging Essentials Seminars: Wednesday 9 October in Melbourne & Wednesday 16 October in Sydney – register online at: http://tinyurl.com/ahzgehb
Planning is well under way for our 2013 FBT Return Seminars. Register here: http://www.fbtsolutions.com.au/pdf/fbt_return2013_seminar.pdf
The 2013 FBT returns will be a big challenge for those providing LAFHA. There will be many transitional issues to analyse and relocation costs to understand.
|Day||Date||Time||Topic||City||Early Bird Price – Register by Friday 25 January 2013||After 25 January 2013|
|Thursday||14-Mar-13||8.45am – 4.45pm||Preparing Your 2013 FBT Return||Melbourne||$550||$660|
|Wednesday||20-Mar-13||8.45am – 4.45pm||Preparing Your 2013 FBT Return||Sydney||$550||$660|
|Wednesday||27-Mar-13||8.45am – 4.45pm||Preparing Your 2013 FBT Return||Brisbane||$550||$660|
With businesses beginning the LAFHA transition process, the Office of State Revenues will be looking forward to some increased revenue.
Many LAFHA amounts will convert to Salary & Wages at 1 October 2012, and therefore PRT will apply.
Reimbursed LAFH benefits in most situations will become taxable fringe benefits, and PRT will apply to the grossed up amount – the PRT impact not be fully felt until June 2013 – but employers will need to be aware of the additional liability.
The additional liability will vary from State to State and LAFHA to LAFHA but as an example, an annual LAFHA of $60,000 will attract PRT of $3,270. That amount will balloon to over $6,000 if the LAFHA is grossed up for PAYG purposes. These additional PRT liabilities are significant.
Liabilities on Workers Compensation insurance will also increase.