FBT Compliance Guide 2018
By: Bill Page, Mary Zachariah
About This Book
"The FBT Compliance Guide is a practical guide to Australia's fringe benefits tax law and is an invaluable tool for anyone required to prepare an FBT return. The Guide contains information on all categories of fringe benefits, exemptions and reductions in taxable value. It keeps tax agents, accountants, lawyers, employers, HR and payroll managers up to date with the current FBT landscape so they can navigate the issues and confidently advise their clients or stakeholders. The Guide includes practical examples and workpapers to illustrate the application of the FBT law and assist with the preparation of FBT returns. The 2018 edition includes: full coverage of FBT legislation and cases as well as rulings, determinations and ATO guidance issued in 2017 ; a summary of 2018 FBT return information, rates and dates ; detailed commentary on salary packaging including several examples of effective salary packaging arrangements."--back cover.
AI Overview
The "FBT Compliance Guide 2018" by Bill Page and Mary Zachariah is a practical and up-to-date guide to Australia's fringe benefits tax (FBT) regime. Here is a comprehensive overview of the book:
Key Themes
FBT Regime Overview:
- The guide provides a detailed explanation of the FBT regime, covering its structure and practical application. It is designed to be useful for employers, employees, solicitors, accountants, and students interested in the FBT regime.
Key Features of FBT:
- Chapter 2 discusses the key features of the FBT regime, which includes the types of fringe benefits, the taxable value of benefits, and the methods of calculating taxable values.
Record-Keeping and Determinations:
- The guide includes information on record-keeping exemptions and determinations issued by the Commissioner of Taxation. These determinations cover various aspects such as the benchmark interest rate for loan fringe benefits, calculating deemed loan interest, and the taxable value of fringe benefits arising from the private use of motor vehicles.
Taxable Values and Allowances:
- It provides guidance on calculating the taxable value of fringe benefits, including reasonable amounts for food and drink expenses incurred by employees receiving a Living Away from Home (LAFH) allowance benefit.
Indexation Factors and Thresholds:
- The guide includes indexation factors for valuing non-remote housing and car parking thresholds, which are essential for employers to comply with FBT regulations.
Plot Summary
The book does not have a narrative plot but rather serves as a comprehensive guide to understanding and complying with Australia's FBT regime. It is structured to provide practical information and references to detailed commentary and legislative annotations.
Critical Reception
There is no specific critical reception available for this book, as it is a technical guide rather than a literary work. However, the guide is likely to be well-received by professionals and students in the field of taxation due to its practical and up-to-date nature.
Additional Resources
For more detailed commentary and annotated legislative commentary, the guide recommends referencing Wolters Kluwer’s Fringe Benefits Guide for Employers (AFB) and Wolters Kluwer’s Australian Federal Tax Reporter (AFT).
In summary, the "FBT Compliance Guide 2018" by Bill Page and Mary Zachariah is a valuable resource for anyone seeking to understand and comply with Australia's fringe benefits tax regime. Its comprehensive coverage of key themes and practical application makes it an essential tool for professionals and students in the field of taxation.