FBT: alternatives to employee declarations (May 2024 Tax Update)

Relevant For:

Business owners and HR professionals handling fringe benefits for their employees.

Key Points:

• From 1 April 2024, employers can use alternative statutory documents for some fringe benefits, easing FBT record-keeping.
• These changes aim to reduce compliance costs without altering the essential record-keeping requirements.
• Employers must still meet stringent record standards for benefits with specified documentation like log-books.
• The ATO will not offer alternatives for all fringe benefits; traditional methods remain necessary where specified.