Built by FBT Practitioners for FBT Return Preparers
Our FBT Manager Software Tool is new for 2024 and currently being developed for delivery in early 2024. The Tool is a FBT Return preparation software that has a strong focus on ensuring that the correct records have been maintained and confirming the basis for reductions in taxable value (Exemption, concession, reduction, contributions etc). The Tool is being developed based on my 25 plus years of hands on FBT experience – understanding business needs and also the current ATO requirements and key risk areas.
The registration page is now open for our 2024 FBT Training Roadshow. https://fbtsolutions.com.au/fbt-return-preparation-full-day-workshops/
With all the FBT and Salary Packaging changes over the past few years – our full day FBT Training Workshops will ensure your fully up to date and equipped to prepare (or review) your 2024 FBT Return and Employee Reportable Fringe Benefits amounts (RFBA’s).
We have two NEW key inclusions for 2024. All registrants will receive:
A copy of our NEW 2024 FBT Manager Tool; and
Complimentary registration to our 2024 Salary Packaging Essentials Webinar for a new year including FBT Year End reporting requirements
In-House FBT Training Sessions
Are you wanting (or needing) to understand the FBT challenges and risks specific to your organisation in detail?
We offer customised In-House FBT (and Salary Packaging) Training that focuses on your specific fringe benefit offerings, your systems, processes, policies, your industry and your people. We close the knowledge gap and ensure that everyone (Tax, Finance, Payroll, HR / Recruitment, Fleet Managers) is on the same page.
Here is a high level explanation of our approach to Customised In-House FBT & Salary Packaging Training:
1. Introductory & Planning call to understand the organisation and current / future fringe benefits offerings, agree the content, duration / mode of delivery, understand the likely attendees (their roles and experience levels) and the logistics of the training
2. Identify the key areas for the training – for some organisations they may want a focus on Motor Vehicles, Employee Expenses and Entertainment, for others a focus may be needed on Remote Area Benefits or Car Parking. Some may prefer a focus on current Salary Packaging and future Salary Packaging opportunities – each In-House session is specifically tailored to your needs.
3. Depending on the analysis of the above and the specific training content required, we usually request a copy of the most recently lodged FBT Return and Workpapers, copies of Policies, copy of the Expense Claim format and anything else that will give us a thorough understanding of your existing Fringe Benefits and Salary Packaging arrangements.
4. Our Customised In-House training is Workshop style –we recommend allowing plenty of time for questions and discussion.
In-house training is suitable for all employers – Corporates, Not for Profits, Councils, Government, and Accounting firms.
If you would like to find out more about Customised In-House Training, please register your expression of interest by clicking on this link: https://form.jotform.com/232998509369880
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