FBT Overview

Start Date Start - End Time Venue Places Taken

Duration: 3 hours

Coordinator: Ms Nina Knezevic

Presenter: Mr John Leyland

This course will provide participants with an understanding of what Fringe Benefits Tax (FBT) is, who it applies to and practical examples to demonstrate why and when FBT needs to be considered. The course will also cover how FBT will impact operational budgets within UQ.

Some specific topics that will be covered are FBT on reimbursement of HECS/HELP fees, relocation expenses, visa sponsorships and work related expenses.

This course is relevant to Finance Officers, Executive Assistants, and all staff members who are responsible for processing, reviewing or approving operational expenses including but not limited to corporate card reconciliations, staff reimbursements and staff relocation. This course is also suitable for Supervisors, Finance & Faculty Managers, and Budget Holders who would like to understand the effects of FBT on their operational unit budgets.

Participants are encouraged to send any questions or examples related to the topics outlined above that they wish to be discussed during the session to fbs-tax@uq.edu.au two days prior to the training date.

This course will enable participants to:
1. Understand FBT principles and who it applies to.
2. Know what your responsibility is to ensure UQ meets its FBT obligation
3. Understand the FBT effects on your operational unit's financial results/budgets
4. Know how to complete FBT related forms
    (Staff Reimbursement Form, FBT Declarations, etc.) 
5. Understand when an employee's reimbursement is required to reduce FBT liability
6. Understand the correct coding to be used when processing payments, credit card
    reconciliations, or reimbursements.
7. Understand what supporting documentation is required to be kept on file for financial/tax
    audit and FBT compliance purposes.

We recommend you to also attend the FBT & Dual Purpose Travel training to complete your knowledge on all FBT-able transactions at UQ.