Paying 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.

5 mins

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