FBT record-keeping: reducing compliance burden
To reduce the FBT compliance burden, the Government will provide the ATO with the power to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records, to finalise their FBT returns.
Currently, the FBT legislation prescribes the form that certain records must take and forces employers, and in some cases employees, to create additional records in order to comply with FBT obligations.
This measure will apply from the start of the first FBT year (1 April) after the date the enabling legislation receives assent.