Record keeping

Car fringe benefits records

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/maintenance for 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/maintenance for 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, use the due date for lodgment of FBT returns, which is generally 21 May.

Record keeping overview

10 mins

What is a record?	0%
Five rules for record keeping	0%
Benefits of keeping accurate and complete records	0%
Setting up and managing your business records	0%
Accountability for record keeping	0%
Digital or manual record keeping?	0%
Storing your records	0%
Activity	0%

Tasks and tips

6 mins

When to do record-keeping and reporting tasks	0%
Tips for banking records	0%
Record-keeping tips	0%
Activity	0%

Starting your business records

2 mins

Bringing goods you already own into your business	0%
ABN registration	0%
Evidence you are in business	0%
Activity	0%

Digital record keeping

5 mins

Advantages of keeping your records digitally	0%
Digital storage of paper records	0%
Providing the ATO with copies of records	0%
Cloud storage	0%
Choosing record-keeping software	0%
ATO app	0%
Activity	0%

Manual or paper record keeping

2 mins

Paper record keeping	0%
Digital storage of paper records	0%
Activity	0%

Banking records

2 mins

Banking	0%
Bank accounts	0%
Activity	0%

Income records

3 mins

Tax return records	0%
Personal Services Incomes (PSI) records	0%
Pay as you go instalment records	0%

Accounting for private use of assets

9 mins

Private use of business assets	0%
Using trading stock for private purposes	0%
Avoid mistakes	0%
Common mistakes	0%
Claiming deductions for private assets	0%
Incorrectly apportioning deductions	0%
Private company benefits giving rise to a deemed dividend	0%
Creating an FBT liability	0%

Motor vehicle deductions records

2 mins

Motor vehicle deductions records	0%

Home-based business deductions records

1 mins

Home-based business deductions records	0%

Other deductions records

1 mins

Other deductions records	0%
Business travel expenses	0%

Stock and asset records

5 mins

Records from stocktakes	0%
Records of depreciating assets	0%
Capital gains tax assets	0%

GST records

1 mins

Records required for GST	0%

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 records	0%

Car fringe benefits records

1 mins

Car fringe benefits records	0%

Expense payment FBT records

2 mins

Expense payment FBT records	0%

Contractor records

2 mins

Contractor records	0%

Sharing economy records

1 mins

Sharing economy records	0%

Cryptocurrency records

1 mins

Cryptocurrency records	0%

Records for other taxes

5 mins

Fuel tax credit business records	0%
Luxury car tax records	0%
Wine equalisation tax records	0%
Petroleum resource rent tax records	0%

Sole trader structure records

4 mins

Record-keeping requirements	0%
Payments you receive	0%
Expenses that relate to earning your employment incomes	0%
Expenses that relate to other payments you receive or make	0%

Partnership structure records

3 mins

Record-keeping requirements	0%
Purchase or sale of a business during the year	0%
Record keeping for overseas transactions	0%

Company structure records

3 mins

Record-keeping requirements	0%
Consolidated or multiple entry consolidated groups	0%
Record keeping for overseas transactions and interests	0%

Trust structure records

1 mins

Record-keeping requirements	0%
Record keeping for overseas transactions	0%

Changing your business structure records

1 mins

Changing your small business structure records	0%

Selling or closing your business records

2 mins

Selling or closing your business records	0%

Related courses

1 mins

Related courses	0%

Course Feedback

Course Feedback	0%