This on-demand session is available to watch instantly after purchase at the time of your choosing and will expire within 12 Months of purchase.
Date recorded: December 2023
With the Festive Season underway - Entertainment remains the biggest practical, technical and time-consuming challenge for FBT Return preparers.
Topics Covered:
- The practical approach to managing FBT, GST and Income Tax in relation to Meals, Travel and Entertainment
- How to prevent getting stuck analysing Meals, Travel and Entertainment expenses
- The Entertainment valuation options and requirements
- The available Entertainment and Sustenance exemptions and when to claim
- The importance of the distinction between an exempt benefit and an otherwise deductible benefit
- Food & Drink, when does it constitute Entertainment, and the distinction with meals by way of Sustenance
- Why it is necessary to separately identify and value the different categories of entertainment
- What is best practice process, the common errors and long held myths and misunderstandings.
Benefits & Learning Outcomes:
- A clear explanation of the Income Tax, GST and FBT implications of entertainment events, including: Christmas Parties, Attendance at Corporate Box events, Boat Hire Cruise events , Attendance at Recreational events, Participation in Recreational events, Client lunches and dinners & Staff functions
- An explanation of the different valuation methodologies
- Practical examples of various scenarios including applying the different valuation methodologies
- What records to keep and why
- The Reportable Fringe Benefits implications
- Being able to distinguish between when food & drink (including alcohol) constitutes sustenance and when it constitutes entertainment subject to the FBT, GST and Income Tax rules
- Common errors and dispelling myths associated with Meal, Travel and Entertainment Expenses
Recommended for:
This webinar is suited to everybody involved with administering or managing FBT, or advising on FBT, across all Industry sectors.
Meet your speaker, Paul Mather
Paul Mather has over 25 years FBT and Salary Packaging experience including 10 years Big 4, 4 years 2nd Tier and 14 years operating own practice FBT Salary Packaging Solutions.He has delivered hundreds of FBT & Salary. Packaging training sessions, and has worked with businesses from SME’s, Large Corporates, Government and Not for Profits across all Industry sectors.
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