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Disclaimer
These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.

Document Type

Publication

Pages

240

Published

April 15, 2021

Notes Online Home 2021 FBT

This publication, as a whole, is available in HARDCOPY only.

 These seminar notes cover the following topics:

  • What’s new for FBT in 2021
  • Other developments for FBT in the 2021 FBT year
  • Meal Entertainment
  • Car fringe benefits – avoid costly mistakes and get it right!
  • Car parking fringe benefits
  • ‘Cutting edge’ salary packaging and FBT planning techniques

Chapters and Articles in 2021 FBT

Fundamentals of car fringe benefits

Traps and tips with cars valued under the Statutory formula method

Dealing with cars valued under the Operating cost method

How to identify if a car fringe benefit is a Type 1 or 2 benefit

Traps and tips associated with car fringe benefits during COVID-19

When does the provision of a parking space represent a car parking fringe benefit?

Calculating the taxable value of car parking fringe benefits

Record-keeping requirements

The fundamentals of salary packaging

Advanced salary packaging opportunities for employees of FBT-taxable employers

Salary packaging for employees of FBT-exempt and FBT-rebatable employers

Identifying when an employer is providing entertainment

Fundamentals of identifying when food and drink is ‘meal entertainment’

Methods for valuing meal entertainment

Applying the valuation rules to particular events/circumstances

Which employers will be under the ATO’s audit spotlight?

Government introduces a massive expansion of FBT exemptions for small businesses

NEW Ruling ‘paves the way’ for employee contributions after 31 March 2021

NEW salary packaging concessions for FBT-relatable and FBT-exempt employers

ATO offers ‘lifeline’ for employers providing emergency assistance during COVID-19

Government introduces important FBT concessions for retraining/reskilling staff

NTAA guide to all the updated rates and thresholds for the 2021 FBT year

ATO unveils FBT windfall for cars stored at an employee’s home during COVID-19

FBT jolt for trade-ins on novated leases

FBT savings where commercial car parks are closed or offer free parking

Recent ATO guidelines create tax nightmare for employers cancelling staff events

ATO highlights FBT exemption for benefits provided to staff working-from-home

ATO confirms stunning new salary packaging arrangement for associate leases