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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

244

Published

April 18, 2024

Notes Online Home 2024 FBT

These seminar notes cover the following topics:

  • What’s new for FBT in 2024
  • NTAA’S 2024 FBT Audit Survival Guide
  • Meal Entertainment
  • Car Fringe Benefits – Avoid Costly Mistakes and Get it Right
  • Navigating the Recent Reforms to the Reportable Fringe Benefit Rules
  • FBT Planning Strategies to Benefit Employers and Employees
  • FBT-exempt staff benefits and incentives

 

Chapters and Articles in 2024 FBT

What’s new for FBT in 2024

Recent developments for car fringe benefits

Latest developments with electric vehicles

NEW ATO guidance on when a person is an employee or contractor for FBT purposes

Recent developments create FBT minefield for employers providing car parking benefits

RECENT decision highlights dangers with employers paying for employee travel

NEW ruling highlights dangers with employers paying employee self-education expenses

Updated FBT rates and thresholds for the 2024 FBT year.

NTAA’s 2024 FBT Audit Survival Guide

How does the ATO identify when employers have provided fringe benefits

How does the ATO identify fringe benefits provided from the financial statements

ATO announces audit crackdown on employers providing utes, dual cabs, etc

FBT dangers with employers sponsoring events and gala dinners

Other audit issues for employers in the 2024 FBT year

Meal Entertainment

Identifying when an employer is providing entertainment

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

Methods for valuing meal entertainment

Recording meal entertainment on the 2024 FBT return

Applying the valuation rules to particular events/circumstances

Car fringe benefits – avoid costly mistakes and get it right!

When does a car fringe benefit arise?

Key developments for cars under the statutory formula method (‘SFM’)

ATO confirms traps and tips with the Operating cost method (‘OCM’)

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

Critical planning strategies for cars to shave $’000S off you FBT bill

Navigating the recent reforms to the reportable fringe benefit rules

What type of fringe benefits are reportable?

Which fringe benefits are excluded from the reporting requirements?

Common questions associated with the reportable fringe benefit rules

When are employers required to report superannuation for an employee

Penalties for errors in calculating reportable fringe benefits or superannuation amounts

FBT planning strategies that benefit employers and employees

What documentation must employers maintain for salary packaging arrangements?

Huge savings for employees who salary package FBT-exempt electric cars

Massive employment ‘on-cost’ savings for employers – Save $’000s

FBT-exempt staff benefits and incentives

Table of common FBT-exempt benefits

In-house massages and wellness programs