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 |
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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.
Record keeping
Steps | Progress | |||||||||||||
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Record keeping overview |
10 mins | |||||||||||||
Tasks and tips |
6 mins | |||||||||||||
Starting your business records |
2 mins | |||||||||||||
Digital record keeping |
5 mins | |||||||||||||
Manual or paper record keeping |
2 mins | |||||||||||||
Banking records |
2 mins | |||||||||||||
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Income records |
3 mins | |||||||||||||
Accounting for private use of assets |
9 mins | |||||||||||||
Motor vehicle deductions records |
2 mins | |||||||||||||
Home-based business deductions records |
1 mins | |||||||||||||
Other deductions records |
1 mins | |||||||||||||
Stock and asset records |
5 mins | |||||||||||||
GST records |
1 mins | |||||||||||||
Employee records |
7 mins | |||||||||||||
Car fringe benefits records |
1 mins | |||||||||||||
Expense payment FBT records |
2 mins | |||||||||||||
Contractor records |
2 mins | |||||||||||||
Sharing economy records |
1 mins | |||||||||||||
Cryptocurrency records |
1 mins | |||||||||||||
Records for other taxes |
5 mins | |||||||||||||
Sole trader structure records |
4 mins | |||||||||||||
Partnership structure records |
3 mins | |||||||||||||
Company structure records |
3 mins | |||||||||||||
Trust structure records |
1 mins | |||||||||||||
Changing your business structure records |
1 mins | |||||||||||||
Selling or closing your business records |
2 mins | |||||||||||||
Related courses |
1 mins | |||||||||||||
Course Feedback |
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