Unit 1: FBT 101 - 2024

Let’s get started with FBT fundamentals.

In this unit, we cover:

• Introduction to the case study

• Overview of FBT & administration

• Key concepts and definitions:

  • Employers and special types of employers

  • Employee

  • Third party arrangement

• Calculating the FBT liability

  • Grossing up taxable values

  • Employee contributions

• Reportable fringe benefits (RFB/RBFA)

• Record keeping

• Interaction of FBT with other obligations

• Overview of types of benefits

• Key exemptions and concessions

• ‘Otherwise deductible’ rule

• How to perform basic FBT calculations on common fringe benefits

This unit also includes a demonstration on FBT preparation software in Part 3, using the case study.

Dates recorded: 10, 11 & 17 April 2024