Question

Explain records payroll needs to keep for FBT purposes. (Australia enviornmnet)

Answer 1

If you want to take advantage of various exemptions or concessions which reduces your fringe benefits tax (FBT) liability then you need to keep all required records for 5 years from the date of preparation of these records. Such records should be kept in written english or in electronic form which is easily accessible & readable.

These records include followings;

Employee declarations, invoices, receipts, bills of sales, lease documents, travel diaries, logbooks and odometer records etc.