Reducing the FBT record keeping burden
Record keeping for FBT purposes can be onerous. From 1 July 2024 however, your business will have a choice to keep using the existing FBT record keeping methods, use existing business records where those records meet the requirements set out by the legislative instrument, or a combination of both methods: ·
- Travel diaries – see LI 2024/11 ·
- Living-away-from-home-allowance – FIFO/DIDO declarations – see LI 2024/4 ·
- Living-away-from-home – maintaining an Australian home declaration – See LI 2024/5 ·
- Otherwise deductible rule – expense payment, property or residual benefit declaration – See LI 2024/6 ·
- Otherwise deductible rule – private use of a vehicle other than a car declaration – See LI 2024/7 ·
- Car travel to an employment interview or selection test declaration – See LI 2024/14 ·
- Remote area holiday transport declaration – See LI 2024/10 ·
- Overseas employment holiday transport declaration – See LI 2024/13 ·
- Car travel to certain work-related activities declaration – See LI 2024/9 ·
- Relocation transport declaration – See LI 2024/12 ·
- Temporary accommodation relating to relocation declaration – See LI 2024/8
FBT housekeeping
It can be difficult to ensure the required records are maintained in relation to fringe benefits – especially as this may depend on employees producing records at a certain time. If your business has cars and you need to record odometer readings at the first and last days of the FBT year (31 March and 1 April), remember to have your team take a photo on their phone and email it through to a central contact person – it will save running around to every car, or missing records where employees forget.
