You must keep accurate FBT records.
Information your records need to show
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Examples of types of records
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You must keep all records relating to the fringe benefits you provide, including how you calculated the taxable value of benefits.
Your records must also show justification of claims for exemptions or concessions that reduce your FBT liability.
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Where your associate has provided a fringe benefit to your employee, the associate is required to provide copies of the records to you within 21 days of the end of the FBT year.
How long you need to keep FBT records
You generally need to keep FBT records for 5 years from the date your FBT return was lodged.
If you don't have to lodge an FBT return, use the due date for lodgment of FBT returns which is generally 21 May.
If your associate provides a fringe benefit to your employee (or your employee's associate), they also need to keep FBT records for 5 years from the completion of the transaction or action.
Last modified: 21 Mar 2024
Fringe benefits tax: exempt minor benefits
Steps | Progress | ||||
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What is an exempt minor benefit? |
6 mins | ||||
Gifts |
13 mins | ||||
Entertainment |
15 mins | ||||
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Cars |
4 mins | ||||
FBT: Registration, reporting and record-keeping |
5 mins | ||||
Related courses |
1 mins | ||||
Course Feedback |
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