Insight,

Federal Budget 2020-21: Tax Compliance

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The Government has announced changes to the record keeping standards for fringe benefit tax (FBT) returns.

Fringe Benefits Tax – reducing the compliance burden of record keeping

The Government has announced that it will provide the Commissioner of Taxation 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.  The measure is expected to have effect from the FBT year beginning 1 April 2021.

Currently, the FBT legislation requires that certain records must take a particular form in order to be valid.  This imposes compliance burdens and costs on employers and, in some cases, employees.

The Budgetary measure will allow employers — with what the Commissioner determines as adequate alternative records — to rely on existing corporate records, removing the need to complete and create additional materials.

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