FBT Talk Let the 2018 Entertainment FBT challenge begin

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The future experience defined by the ATO

if using the actual method, can you confirm if the minor benefits exemption (less than $300 including GST per head cost) applies?;

CGT amendments a missed opportunity

There are 3 different types of defined Entertainment that require separate analysis, FBT valuation and FBT reporting;

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never assume the meal costs are automatically deductible and do not constitute sustenance;

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dont assume that the consumption of alcohol with a meal automatically categorises the expense as entertainment;

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Try to understand how your organisation has distinguished between sustenance and meal entertainment on a day to day basis, from both a policy, accounting and tax perspective. Sample testing of transactions is a good way to see if you can rely on the general ledger postings and coding rules. Importantly, in undertaking the sample testing, it is necessary to analyse how the coding/posting takes in to account:

FBT Talk: Let the 2018 Entertainment FBT challenge begin

CGT amendments a missed opportunity

Its not just about FBT, there are interactions with Income Tax and GST that require consideration and ultimately reconciliation;

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Purchaser GST withholding the final cut

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Tyler Wise, Intelligent Accounting Trail Blazer

To learn more about preparing your 2018 FBT Return register for theWolters Kluwer and FBT Solutions one day workshop.Our interactive workshops bring together the practical guidance, support and tools you need to sail through the 2018 FBT season.

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A review of general ledger transactions should be undertaken based on a trial balance review. The following general ledger codes should be reviewed:

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Some tips when reviewing expenses for staff functions and parties:

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For meal entertainment and entertainment facility leasing expenses, there is a valuation choice between 50/50 and actual method (subject to adequate records being maintained);

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With the 2018 FBT year-end nearing, now is a good time to give some thought to managing the FBT reporting for Entertainment Expenses and working out your game plan!

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food expenses (for example, sustenance, morning teas, food and beverage)

For recreational entertainment, the 50/50 valuation method is not available. However, consideration can be given to claiming the minor benefits exemption.

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dont forget deposits or security bonds that may have been paid earlier these will impact all of the above; and

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distinguishes between expenditure that is travel versus non-travel related (which is often impacted by the attendee types)

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CGT amendments a missed opportunity

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understand the substance of the event and the attendees (who attended just employees or did spouses/clients also attend?);

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Always a tricky area to review. Here are some tips when reviewing travel meals:

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bar tabs (drinks at the bar) would generally always constitute meal entertainment.

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When valuing meal entertainment using the actual method; consideration can be given to claiming the FBT exemptions for on-premises entertainment and minor benefits exemption; and

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The need to separate the sustenance (deductible) from the entertainment;

CGT amendments a missed opportunity

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understand the attendees and their role / relationship to your company. For example, when a non-travelling employee or client dines with a travelling employee, then there will be FBT and deductibility issues to consider;

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were there other related costs such as accommodation, meals, taxis, flights, parking, gifts, etc.

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understand what information has been provided with the employees expense claim to help determine the tax implications; and

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on-premises versus off-premises costs; and

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entertainment expenses (deductible or non-deductible)

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FBT Talk: Let the 2018 Entertainment FBT challenge begin

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whether any $ thresholds have been applied;

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it will be necessary to analyse the costs and where applicable, split the costs between meal entertainment, entertainment facility expenses and recreational entertainment;

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any codes with FBT or no FBT in the title

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