Our recent webinar on Tuesday 21 April 2020 ran through Fringe Benefits Tax for the 2020 year.
You wouldn’t be blamed if the last thing you have on your list at the moment is FBT. We are here to make sure your FBT matters don’t become a business risk.
The lodgement date for the 2020 FBT liability is just over 5 weeks away and the ATO haven’t announced any automatic extension to the normal FBT lodgement and payment timeframes.
The impact of the Coronavirus has spread to different areas when preparing your 2020 FBT return. With many workforces shifting to WFH in March 2020, these changes in working arrangements are likely to impact this year’s FBT return.
In this session we covered what to look out for as a consequence of these new working arrangements, types of potential new benefits due to Covid-19 and other implications as part of preparing your 2020 FBT return in these unprecedented times.
A COVID-19 FBT Update on working from home:
- Provision of property to employees to enable WFH
- Expense reimbursements –including internet and phone
- Exemptions and concessions
- When subject to FBT by the employer
- Tips and traps for employers
- The otherwise deductible rule in light of new ATO shortcut methods on employee home office expenses
A COVID-19 Update on other FBT considerations:
- Cancelled events and travel
- Travel expenses to return to place of residence
- FIFO workers
- Provision of protective equipment
- Emergency assistance and health care – when do these exemptions apply
- Other assistance – provision of face masks, sanitisers etc
A 2020 FBT Update – what you need to know:
- ATO focus areas for 2020, including what is catching the ATO’s attention and tips regarding common problem areas such as entertainment and exempt motor vehicles
- Changes to car parking fringe benefits – widening the definition
- Changes to work-related travel expenses – where are we now
- Relaxation of the taxi exemption – the state of play
If you are in the Cooper Partners network and would like to watch this webinar, please click here to register.
This webinar is current as of 21 April 2020, however, please note that announcements and changes are being made by the Government and the ATO regularly, and we expect that the tax and business-related responses will continue to evolve. Please contact us to discuss.