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.
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Information your records need to show |
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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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.
Hiring workers
| Steps | Progress | ||||
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What to consider before hiring workers |
3 mins | ||||
Hiring a new worker |
2 mins | ||||
Determine workers’ classifications |
4 mins | ||||
Setting up for employer tax and superannuation obligations |
5 mins | ||||
Tax and superannuation commencement forms |
5 mins | ||||
Employee records |
7 mins | ||||
Related courses |
1 mins | ||||
Course Feedback |
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