From 1 April, employers will have a choice to use existing corporate records for certain fringe benefits provided to staff.
For example, you can rely on a detailed work calendar for your record keeping instead of using a travel diary to record an employee's travel movements.
This will allow you to rely on existing corporate records if they meet the minimum required information. This may be particularly helpful if you have difficulty obtaining declarations from staff on time.
You can't use existing corporate records for all approved forms and records. You'll need to check our website to see if the option is available for the benefits you're providing before you decide if you want to use this method. If not, you'll need to continue using the current approved form or record. You don't need to tell us which record you choose to use, and you can change which option you use for each benefit, for each employee, each year.
These options apply for the new FBT year and onwards. If you're a self-preparer, you must have all the alternative records in time to lodge your FBT return by 21 May, 2025.
Find out more information on alternative record keeping eligibility, including the minimum required information.
Remember, your tax professional can help you with your tax and super obligations.