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2010 FBT REPORTING GET IT RIGHT, DO IT FASTER


THE NON-COMPLIANCE RISK THE FBT LEGISLATION IS COMPLEX • ATO finds errors in 7 of every 10 returns queried

FBT REPORTING

• Compliance activities result in average additional liability of $77,000 plus interest of $19,000 • ATO is now widening their audit net, especially for cars •F  BT is now part of employer obligation reviews • Income tax and GST auditors now examine FBT issues.

• 6 rates and thresholds change each year • 13 categories of benefit • 28 valuation methods for those categories • Over 70 exemptions, reductions or concessions in the FBT legislation • Over 300 public rulings and determinations on FBT issued by the ATO to clarify the law • Over 700 private rulings on FBT have been issued since 2001

BUT YOU CAN DO IT ACCURATELY

FBTSIMPLIFIER IMPLEMENT YOUR PEACE OF MIND THIS FBT SEASON Save time and reduce risk during the FBT compliance process through greater workflow efficiency. FBTSimplifier – Thomson Reuters’ FBT software solution –offers comprehensive reporting capability as well as scalability and functionality to allow easy upload, input, capture and collation of FBT data. The product also features regular FBT news alerts. ONE PROCESS, MULTIPLE OUTPUTS With FBTSimplifier a single process generates: • Lodgeable FBT return form • Management reports – including cost centre reports • RFBA report for payroll • Employee RFBA letters

• Incorporates latest rates and thresholds • Processes to identify all of your benefits • Accurate workpapers checked by FBT experts • Links to all necessary declarations and elections • No risk of spreadsheet errors

• Up-to-date software covering all benefit categories • Logical approach/methodology • Easy to compile data from various sources • Comprehensive tax technical information throughout • Guidance on exemptions and concessions

AND FASTER • Easily collate data from various sources • Multiple data formats accommodated • Allocates reportable benefits to employees as you go • Allows multiple simultaneous users • Automatically consolidates reporting units •R  ollover of the information from year to year • Numerous standard reports, and unlimited user-prepared reports by wizard • Prints ATO form for lodgement

FBT software TO SUIT YOUR NEEDS Variants

Features

FBTSimplifier Lite 50

• • • • • • • • • • • •

(Up to 50 benefited employees) FBTSimplifier Lite 250 (Up to 250 benefited employees)

FBTSimplifier Standard

Buy online or request a demonstration of FBTSimplifier at thomsonreuters.com.au/fbt

BUT YOU CAN GET IT RIGHT

Work papers Reportable Fringe Benefits ATO Form Roll forward of prior year data Standard Reporting Tax technical commentary Regular FBT news alerts Employee Capacity – unlimited Benefits Capacity – unlimited Unlimited number of users Limitation of benefited employees capacity (50 or 250) Limitation of one reporting unit or 10 FBT returns

All features in Lite plus: • Data Import from multiple source files • User Defined Reports • User Defined Columns • Checklists • Declarations • Advanced reporting including year on year analysis • Consolidation of reporting units • Benefited employee capacity – no upper limit


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FBT REPORTING

FBT SERVICE Written in clear, concise language, the FBT Service links the legislation and commentary together and provides a complete guide to current laws, regulations and practices regarding the imposition and collection of fringe benefits tax. The service includes FBT legislation and commentary, access to relevant tax rates (both current and historical), key dates in the FBT year and FBT forms and declarations. The legislation is supported by sections on tax audits and remuneration planning and includes a guide to the relevant tax rates. Online Code: 8400TP Price: $737.00 incl. GST Looseleaf Code: 8400Q Price: $709.00 incl. GST

ALERT24 FBT Alert24 is Thomson Reuters’ current awareness service, providing all the latest Legal and Regulatory developments in key areas of practice. Each day, subscribers receive an email detailing the latest cases, legislation, news and policy updates so you stay informed. Alert24 gives you the ability to choose what you want when you need it. Simply visit your subscriber only website and browse concise, filtered information expertly selected by the Thomson Reuters tax writers. Online Code: 22902 Price: $197.00 incl. GST

THE ACCOUNTANT’S MANUAL DIV 7A CALCULATOR Div 7A is the biggest tax exposure of your practice and your clients. Profits from 1997 to date could face an additional 15% tax! The ATO is changing the way they are applying the current rules and already tightening up with a tough view on unpaid trust distributions - it’s time to shape up before the big shake up. The Accountant’s Manual Div 7A Calculator provides a definitive map of all Division 7A issues which have been distilled into a format that is easy to understand so you can quickly assess your position and be directed to alternative low risk solutions. This definitive tool includes detailed “practise commentary” to aid your quick understanding along with detailed source documentation (legislation, ruling, practise statements etc) to support your position. CD ROM Code: 12730 Price: $920 incl. GST Online Code: 12942TP1 Price: $920 incl. GST


FBT Reporting 2010