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28 Oct 09 Better practices for the administration of FBT

The ATO has published a guide entitled "Better practices for the administration of FBT". The guide outlines the following 5 better practices to help entities better administer their FBT obligations:

  • Identify FBT risks.
  • Establish and maintain an effective FBT control environment.
  • Plan each year’s FBT return.
  • Communicate with stakeholders.
  • Prepare and review the FBT return and supporting processes.

For a copy of the guide, go here

The ATO has also published a guide entitled "Better practices for managing specific fringe benefit types". This guide outlines the legislative basis for FBT and provides guidance for managing the following 7 specific benefit types:

  • Type 1: car fringe benefits
  • Type 2: tax-exempt body entertainment and meal entertainment fringe benefits
  • Type 3: expense payment property and residual fringe benefits
  • Type 4: car parking fringe benefits
  • Type 5: living-away-from-home or relocation related fringe benefits
  • Type 6: housing and board fringe benefits
  • Type 7: loan and debt waiver fringe benefits

For a copy of the guide, go here

 


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