Hiring workers

Fringe benefits tax

As an employer, you must keep all records relating to the fringe benefits you provide to your employees or your employee's family or other associates, including how you calculated the taxable value of benefits. You must also keep records if you want to take advantage of various exemptions or concessions that reduce your fringe benefits tax (FBT) liability.

Information your records need to show	Examples of types of records
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.	Calculations. Worksheets. Employee declarations. Elections. Invoices. Receipts. Bills of sales. Lease documents. Travel diaries. Fleet management records. Logbooks. Odometer records. Valuations – if and when required. Purchase receipts for vehicles. Receipts for service or maintenance of vehicles. Estimates of your FBT liability if you choose to vary the FBT amount.

Information your records need to show

Examples of types of records

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.

Calculations.
Worksheets.
Employee declarations.
Elections.
Invoices.
Receipts.
Bills of sales.
Lease documents.
Travel diaries.
Fleet management records.
Logbooks.
Odometer records.
Valuations – if and when required.
Purchase receipts for vehicles.
Receipts for service or maintenance of vehicles.
Estimates of your FBT liability if you choose to vary the FBT amount.

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, count from the due date for lodgment of FBT returns, which is generally 21 May.

What to consider before hiring workers

3 mins

Considerations before hiring workers	0%
Questions to ask	0%
Recruitment	0%
Fair Work Ombudsman	0%
Business.gov.au	0%
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Hiring a new worker

2 mins

Confirm candidates can work in Australia	0%
Check your candidate’s visa status using VEVO service	0%
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Determine workers’ classifications

4 mins

Employee or contractor – importance of getting it right	0%
Key differences between employees and contractors	0%
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Setting up for employer tax and superannuation obligations

5 mins

What are your obligations?	0%
Register for pay as you go (PAYG) withholding	0%
Set up to report and pay super contributions	0%
Single Touch Payroll (STP)	0%
Fringe benefits tax (FBT)	0%
State and territory payroll tax	0%
Labour hire firms	0%
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Tax and superannuation commencement forms

5 mins

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Tax file number declaration form	0%
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Employee records

7 mins

Payments made to employees	0%
Super contributions for employees	0%
Super fund choice records	0%
Pay as you go (PAYG) withholding records	0%
Fringe benefits tax	0%

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