I recently hosted a webinar “Let’s Talk FBT with the ATO” – in this webinar the ATO provided insight to the their approach to FBT, ranging from helping employers through to FBT audits and non-compliance.
If your new to FBT (or a bit stale on the latest FBT rules) or not sure about your own FBT obligations or your clients FBT obligations, I highly recommend you invest the time (90 minutes) to watch this webinar recording – it’s free. (Link to recording is below.)
To a large extent the content covered was based on webinar registrants own FBT issues and challenges. Further, regular Live Q and A was provided throughout the webinar for the highly engaged audience.
The ATO discussed:
1. FBT Pillars – the 4 steps to getting FBT right
2. FBT and our changing environment
3. The role of the ATO
4. ATO resources
5. The use of third party information and data matching to target FBT non-compliance
6. Guidance on the distinction between meal entertainment and sustenance
The ATO highlighted common mistakes employers make in relation to:
1. Employee Contributions
2. Consolidated FBT returns
3. Reportable Fringe Benefits amounts
4. Passenger cars and misunderstandings around private use
5. Utes and other non-passenger vehicles – myths and defining limited private use
The ATO also provided examples of recent FBT audit activity, including:
1. Invalid Logbooks and private use;
2. Ineffective Employee Contributions by way of journal entry
3. Incorrectly claiming exemption on Dual Cab Utes;
4. Capping the FBT base value at the luxury car limit
Finally, we discussed FBT Registration – when registration is required and why registration is important – even when you may think registration is not required.
A big thank you to Jennifer Madigan and her team for an insightful and well received FBT presentation.
Please copy the following link to your browser to access the recording: https://attendee.gotowebinar.com/recording/4232469289267235247