Do you operate a business and offer ‘fringe benefits’ to your employees?

Do you operate a business and offer 'fringe benefits' to your employees

If so, Treasury has proposed changes to the record-keeping requirements to reduce the Fringe
Benefits Tax (FBT) compliance cost.

Fringe benefits – an extra benefit supplementing an employee’s money wage or salary, for example, a company car, private healthcare, etc.

The proposal is less stringent on the need to obtain specific documents such as employee declarations.

Currently, the legislation requires employers to retain certain documents in a particular form, which leads
to additional documents and duplication of records.

The draft legislation allows the Commissioner of Taxation to specify what records can be relied upon and
a minimum standard for those documents.

These changes should help reduce the ongoing time and financial burden of collating the current
necessary supporting documentation to complete a Fringe Benefits Tax (FBT) return.

Should you require further information concerning Fringe Benefits, please feel free to contact Peter Quinn by submitting an enquiry or calling us on +61 2 9580 9166 to book an obligation-free appointment.

The information in this document does not take into account your personal objectives, financial situation
or needs and so you should consider its appropriateness having regard to these factors before acting on it.
It is important that your personal circumstances are taken into account before making any financial
decision and it is recommended that you seek assistance from your financial adviser.