The Government is introducing legislation to reduce fringe benefits tax (FBT) record keeping compliance costs for employers who maintain good corporate records.
This measure was initially announced in the 2020-21 Budget. The proposed legislation gives the Commissioner of Taxation the power to modify, by legislative instrument, existing FBT record keeping obligations to allow employers to rely on existing corporate records, rather than the employee declarations and other prescribed records, to finalise their FBT returns where the Commissioner considers the alternative records adequate.
Exposure draft legislation, Treasury Laws Amendment (Measures for Consultation) Bill 2022: FBT record keeping, and associated draft explanatory material, have been released for public consultation.
Exposure draft legislative instruments and associated explanatory material dealing with travel diaries and relocation transport expense payments have also been released for public consultation. Interested parties are invited to provide comments.
Comments on the draft legislative instruments and associated explanatory material will be shared with the Australian Taxation Office who have developed and released this material for public consultation.