2012 FBT Return Checklist (Office Use)
Client Name:
Prepared by:
FBT Year:
For the year ended 31 March 2012
Checked by:
Date:
Have you checked with the appropriate person WHAT ENTITY you should INPUT YOUR TIME to in Time & Billing
Firm Policy (The main company of the group is normally the Billing entity)
A
CLIENT DETAILS:
A
1
Company/Trust/Partnership/
Sole Trader
1
2
MAIN BUSINESS ACTIVITY:
2
3
IS THE CORPORATE
STRUCTURE DIAGRAM
COMPLETE & ACCURATE?
3
4
HAS CLIENT CHANGED ADDRESS SINCE LAST
RETURN WAS LODGED?
Yes/No
4
If yes, provide current address details:
BUSINESS:
POSTAL:
5
Telephone Number:
(H)
(w)
Email address:
Important Notes:


This checklist is not to be used for FBT-exempt nor rebatable
employers;
The FBT year starts on 1 April 2011 and ends on 31 March 2012.
PRIOR YEARS MATTERS CONSIDERED
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
5
B
Determine what type of Fringe Benefits the Client provides
Please mark "Y" "N" or "N/A." where relevant
Types of fringe benefits tax
B
Prepared
By:
Checked
By:
Is the Client entitled to GST input tax credit? (Yes/No)
B1
Car Fringe Benefits :
What is a Car Fringe Benefit
- by using the Statutory Formula method
Car Fringe Benefits by Statutory Formula Method
Calculated by using the Operating Cost method
Car Fringe Benefits by Operating Cost method
B1
B2
Loan Fringe Benefits
What is a loan Fringe Benefit
B2
B3
Debt waiver Fringe Benefits
What is a debt Waiver Fringe Benefit
B3
B4
Expense Payment Fringe Benefits
What is an expense Payment Fringe Benefit
B4
B5
Housing Fringe Benefits
What is a housing Fringe Benefits
B5
B6
Board (meal) Fringe Benefits
B6
B7
What is a board Fringe Benefit
Airline transport Fringe Benefits
B7
B8
What is an Airline Transport Fringe Benefit
Living-away-from-home allowance Fringe Benefits (LAFHA)
B8
B9
What is a LAFHA Fringe Benefit
Entertainment provided by a tax-exempt organisation
B9
B10
What is entertainment provided by a tax-exempt organisation
Meal entertainment Fringe Benefits
B10
B11
What is a Meal Entertainment Fringe Benefit
Car parking Fringe Benefits
B11
B12
What is a Car Parking Fringe Benefit
Property Fringe Benefits
B12
B13
What is a Property Fringe Benefit
Residual Fringe Benefits
B13
What is a Residual Fringe Benefit
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
C
SUBSTANTIATION FOR FBT LIABILITY
Please mark "Y" "N" or "N/A." where relevant
C
Prepared
By:
Checked
By:
C1
Please refer to the record keeping requirements for FBT liabilities in
general for reference
Keeping necessary FBT records
Then check whether the Client has provided:-
C1
C2
Substantiation for Car Fringe Benefit by:
- using statutory formula method by calculating:
o base value of the car & the statutory percentage of the car
Determining the base value of the car & adjustments
- using operating costs method by calculating the business use of
car using the logbook method.
Determining Total Operating Costs
Determining the business use of car
General record keeping requirements for cars
C2
C3
Substantiation for Loan & Debt Waiver Fringe Benefit
Substantiation requirements for Loan & Debt Waiver Fringe Benefits
Loan Fringe Benefit Declaration by Employees
C3
C4
Substantiation for Expense Payment Fringe Benefit
Substantiation requirements
C4
C5
Substantiation for Housing Fringe Benefit
- all transactions need to be supported by documentation
C5
C6
Substantiation for Board (meal) Fringe Benefit
- all transactions need to be supported by documentation
C6
C7
Substantiation for Airline Transport Fringe Benefit
Substantiation requirements
C7
C8
Substantiation for Living-away-from-home-allowance (LAFHA) Fringe
Benefit
- all transactions need to be supported by documentation
C8
C9
Substantiation for Entertainment provided by a tax-exempt entity Fringe
Benefit
- all transactions need to be supported by documentation
C9
C10
Substantiation for Meal Entertainment Fringe Benefit
- all transactions need to be supported by documentation
C10
C11
Substantiation for Car Parking Fringe Benefit
- all transactions need to be supported by documentation
C11
C12
Substantiation for Property Fringe Benefit
Substantiation requirements
C12
C13
Substantiation for Residual Fringe Benefit
Substantiation requirements
C13
D
WHICH GROSSING-UP RATE SHOULD BE USED
D
Please mark "Y" "N" or "N/A." where relevant
Prepared
By:
Checked
By:
D1
Higher gross-up rate (Type 1) should be used if the employer is entitled to
a GST input-tax credit for providing the benefit. The higher gross-up rate is
only applicable to GST-creditable benefits
Higher gross-up rate (Type 1)
D1
D2
The lower gross-up rate (Type 2) should be used if the benefits provided
D2
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
are not Type 1 benefits i.e. no entitlement to GST input-tax credit.
Lower gross-up rate (Type 2)
E
E
TAXABLE VALUE OF FRINGE BENEFITS
Please put down the amount in the columns, where relevant
E1
Checked
By:
Does the Client provide Car Fringe Benefits? Yes/No
If No, go to next question.
If Yes, write down the Taxable value of the benefit
What is the taxable value of the Fringe Benefit
by using:
- statutory formula method;
Taxable value by Statutory Formula method
- operating cost method.
Taxable value by Operating Cost method
after adjusting for:
- exempt car fringe benefits
What are exempt car fringe benefits
- private use of vehicles
Determining percentage of private use
- employees’ contributions
Determining employees' contributions
E2
Prepared
By:
E1
Type 1
$
Type 2
$
Does the Client provide a Loan Fringe Benefit? Yes/ No
If No, go to next question.
E2
Type 2
$
If Yes, write down the Taxable value of the Loan fringe benefit
What is the taxable value of the Loan Fringe Benefit or
with adjustments in taxable value in connection with:
- the Statutory Interest Rate;
What is the Statutory Interest Rate
- amounts that are otherwise deductible to employees;
Amounts otherwise deductible to employees
- interest that would have been deductible to employees in
connection of a car;
Interest related to cars that would be deductible
- other reductions in taxable value;
Other reductions in taxable value
- exempt loans
Exempt loans
E3
Does the Client provide a Debt Waiver Fringe Benefit? Yes/No
If No, go to next question.
E3
Type 2
$
If Yes, write down the Taxable value of the benefit
What is the taxable value of the Debt Waiver Fringe Benefit
E4
Does the Client provide an Expense Payment Fringe Benefit? Yes/No
If No, go to next question.
If Yes, write down the Taxable value of the benefit
What is the taxable value of the Fringe Benefit
after adjusted for:
- in-house expense payment fringe benefit;
E4
Type 1
$
Type 2
$
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
What is an in-house expense payment fringe benefit
- amount that would have been deductible to the employees;
Expenses otherwise deductible to employees
- car expense that would have been deductible to employees;
Car expenses otherwise deductible to employees
- other reductions in taxable value;
Other reductions in taxable value
- other exempt expense payments
Exempt expense payments
E5
Does the Client provide a Housing Fringe Benefit? Yes/No
If No, go to next question.
If Yes, after considering the basis of valuation
Basis of Valuation rules
work out the taxable value of Fringe Benefits for:
- housing fringe benefits outside Australia
Taxable value of housing benefits outside Australia
- housing fringe benefits in Australia
Taxable value for housing benefits in Australia
after adjusting for:
- accommodation that is not the usual place of residency
Accommodation not usual place of residency
- reductions in taxable value
Reductions in taxable value
- exempt housing benefits
Exempt housing benefits
E6
Type 1
$
Type 2
$
Does the Client provide a Board (meal) Fringe Benefit? Yes/No
If No, go to next question.
If Yes, write down the Taxable value of the benefit
Taxable value of the Benefit
after adjusting for:
- meals provided by others;
Meals provided by others
- meals that are not board fringe benefits
Meals that are not board fringe benefits
- reduction that would have been deductible to employees
Reductions that would have been deductible to employees
- exempt board benefits
Exempt board benefits
E7
E5
E6
Type 1
$
Type 2
$
Does the Client provide an Airline Transport Fringe Benefit? Yes/No
If No, go to next question.
If Yes, write down the Taxable value of the benefit
Taxable value of the Benefit
after adjusting for:
- stand-by value;
Stand-by value
- reductions that would have been deductible to employees;
Reductions that would have been deductible to employees
- concession
concession
E7
Type 1
$
Type 2
$
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
E8
Does the Client provide a Living-away-from-home allowance (LAFHA)
Fringe Benefit? Yes/No
If No, go to next question.
E8
Type 1
$
Type 2
$
If Yes, write down the Taxable value of the benefit
Taxable value of the Benefit
E9
Is the Client a tax-exempt entity that provides Entertainment Fringe
Benefit? Yes/No
If No, go to next question.
E9
Type 1
$
Type 2
$
If Yes, write down the Taxable value of the benefit
Taxable value of the Benefit
after adjusting for exemption
exemption
E10
Does the Client provide Meal Entertainment Fringe Benefit? Yes/No
If No, go to next question.
If Yes, write down the Taxable value of the benefit by using:
- 50-50 split method
Taxable value using 50-50 split method
- 12-week register method
Taxable value using 12-week register method
after adjusting for:
- food and drink consumed on business premises
Food and drinks consumed on business premises
- income tax deductibility
Exceptions to income tax non-deductibility
Christmas parties
E11
Type 1
$
Type 2
$
Does the Client provide Car Parking Fringe Benefit? Yes/No
If No, go to next question.
If Yes, write down the Taxable value of the benefit by using:
- commercial parking station method (must be used unless other
method of calculation is selected);
Taxable value using the commercial parking station method
- market value method;
Taxable value using the market value method
- average cost method;
Taxable value using the average cost method
- 12-week register method;
Taxable value using the 12-week register method
- statutory formula method
Taxable value using the statutory formula method
after adjusting for:
- exempt benefit (motor vehicle parking)
Exempt benefit - motor vehicle parking
- exempt benefit (small business car parking)
Exempt benefit - small business car parking
E12
E10
E11
Type 1
$
Type 2
$
Does the Client provide Property Fringe Benefit? Yes/No
If No, go to next question.
If Yes, write down the Taxable value of the benefit for:
- in-house property fringe benefit;
E12
Type 1
$
Type 2
$
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
Taxable value of in-house property fringe benefit
- external property fringe benefit
Taxable value of external property fringe benefit
after adjusting for reduction where the taxable value of the property would:
- have been otherwise deductible to employees;
Otherwise deductible to employees
- have been deductible to employees is provided in relation to a car;
Otherwise deductible to employees in relation to a car
- have been reduced under different circumstances;
Other reductions in taxable value
- be exempt property benefits
Exempt property benefits
E13
Does the Client provide Residual Fringe Benefits? Yes/No
If No, go to next question.
If Yes, write down the taxable value of the benefit for:
- in-house residual fringe benefit;
Taxable value of in-house residual fringe benefits
- external residual fringe benefit;
Taxable value of external residual benefits
- motor vehicles other than cars;
Taxable value for motor vehicles other than cars
after adjusting for reduction in taxable value where the expenditure would
have been:
- deductible to employees;
Expenditure would have been deductible to employees
- otherwise deductible to employees is incurred in relation to a car;
Expenditure would have been deductible to employees in relation to a car
- reduced under certain circumstances;
Other reductions in taxable values
- be exempt residual benefits
Exempt residual benefits
F
E13
Type 1
$
AGGREGATE FRINGE BENEFIT AMOUNT – TYPE 1
$
AGGREGATE FRINGE BENEFIT AMOUNT – TYPE 2
$
Type 2
$
REPORTABLE FRINGE BENEFIT ON EMPLOYEES PAYMENT
SUMMARIES
Please work out the following reportable fringe benefit amounts of the
employees by:
F
Prepared
By:
Checked
By:
F1
Adding value of all benefits to each employee
Benefits included in reportable fringe benefits
after adjustments for:
 employees sharing a pool car;
Employees sharing a pool car
 excluded reportable fringe benefits;
Excluded reportable fringe benefits
 exempt fringe benefits.
Exempt benefits
F1
F2
Reconciling the value above with the individual fringe benefit amounts
allocated to all employees
Individual fringe benefit amounts
F2
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
except those employees whose individual FB amounts are below $2,000.
Reporting benefit value on individual payment summary
F3
Including former employees that has reportable fringe benefits:
Former employees with reportable fringe benefits
F3
G
EMPLOYEES’ CONTRIBUTIONS ADJUSTMENT
G
The taxable value of a benefit must be reduced by the full amount of
employee contributions.
G1
Prepared
By:
Checked
By:
Did the employees make any contributions? Yes/No
Employee contributions
G1
$
If No, Go to next section
If Yes, recording the sum of the employees’ contributions and note the
GST of such receipts in your BAS.
H
WORKING OUT THE FBT PAYABLE
H
Prepared
By:
H1
Does the client have a taxable value after all the adjustments? Yes/No
If No, it is necessary to lodge a “Nil” return.
If Yes, calculate the tax payable in 2012 by multiplying the taxable value
with the respective gross-up tax rate.
FBT rate
Checked
By:
H1
$
H2
Verifying the amount of quarterly instalments paid by the client via the
ATO Tax Agent Portal
Tax Agent Portal
$
H2
H3
Does the client have a FBT balancing payment due? Yes/No
If No, finalise the FBT return and lodge it before the due date
If Yes, lodge the FBT return and pay the FBT balancing payment before
the due date
FBT lodgment due dates
FBT payment date
If the annual FBT liability exceeds $3,000, you will be required to pay
instalments quarterly via your activity statements.
$
H3
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.