ATO releases legislative instruments on FBT reduced record keeping requirements

The changes implemented by the legislative instruments aim to reduce fringe benefits tax record keeping compliance costs, as outlined by Hayley Lock and Stacey Biggar.

The Australian Taxation Office (ATO) released the third and final tranche of Legislative Instruments (LIs) underpinning the fringe benefits tax (FBT) reduced record keeping requirements. The aim of the legislation is to remove the requirement for the ‘pro forma’ declarations that have been a feature (and bugbear) of FBT administration, to instead allow employers to use ‘other business records’. The declarations covered by the initial two tranches of LIs were not used often in practice; this...

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Authors: Hayley Lock, Stacey Biggar

Published Date: 17 October 2023