FBT record-keeping: simplification of requirements
In order to reduce red-tape for businesses, the government has released draft legislation to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records to finalise their FBT returns. This will be achieved by giving the Commissioner the power to make legislative instruments to determine the kinds of adequate alternative records which may be kept and retained by employers in lieu of statutory evidentiary documents for specified fringe benefits.
