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Fringe Benefits Tax (FBT) compliance can be a complex, manual and time-consuming process.
Employers are required to collate data from a range of systems and sources, such as transactions from the General Ledger (GL) and Expense Management System (EMS), fleet reports from third parties, and declarations from employees.
PwC’s FBT automation solution utilises a range of technologies - including machine learning, data analytics and GPS tracking technology (via our third-party joint business relationship) - to alleviate pain points and streamline your FBT compliance processes, while ensuring accuracy and compliance around your FBT return.
Our FBT and technology teams will work with you to develop a bespoke, tailored solution based on the unique needs and nature of your business. Whether it be end-to-end automation of your data-related processes, managing your fleet-related FBT compliance obligations, or something in between, PwC is here to help.
GL data classification via Workforce Automate
By combining PwC’s Workforce Automate solution and PwC’s machine learning classification engine, we can automate and streamline your data-related processes. This includes cleansing and transforming data from the GL and EMS, and performing reconciliations and technical FBT analysis.
This eliminates the need to manually analyse your GL accounts line-by-line and increases the accuracy of your GL analysis by making consistent decisions across large data sets.
Car parking application
Our car parking application uses boom gate and swipe card data to analyse the number of car parking benefits that have risen during the FBT year to determine the most cost-effective calculation methodology for reporting car parking fringe benefits.
With most employers offering flexible/hybrid working arrangements, our car parking application helps you avoid the risk of paying FBT on car parking spaces not fully utilised during the year.
Fleet management technology
PwC has a joint business relationship with a third-party fleet telematics provider that specialises in fleet management solutions, using technology-based products to collect data and deliver useful, actionable insights.
These solutions securely track your fleet and enable employees to effortlessly complete their logbooks via a smartphone app. Additional modules available include carpool bookings, driver safety and fleet optimisation.
FBT declarations
PwC’s FBT Declarations tool is a simple, automated solution to provide, complete and maintain employee declarations via a mobile device or laptop.
This removes the compliance burden of manually printing, collating and chasing up signed declarations.
End-to-end FBT automation process
1. Data extraction
1. Data extraction
Extract data from:
GL accounts
Expense Management System (EMS)
Unstructured supplementary data sources (example: employee master files).
2. Data transformation
2. Data transformation
We undertake a thorough data wrangling and transformation process, which includes:
Cleansing and sorting
Anomaly detection
GL data, EMS data and trial balance reconciliation
Additional data reconciliation checks. For example: total amount per GL account and frequency of transactions per employee.
3. FBT transaction classification
3. FBT transaction classification
Conduct FBT GL transaction classification utilising PwC’s FBT Automate workflow tool to undertake:
Application of business-specific rules like keywords, vendors and dollar value thresholds
Review of non-FBT sensitive GL accounts
Minor benefit analysis
Updated GST/income tax deductibility.
4. Additional automation offerings
4. Additional automation offerings
Depending on your needs, we leverage additional tools from our FBT automation suite, including:
Car Parking Application
Fleet Management Technology
- FBT Declarations.
See above for our full suite of FBT automation solutions.
5. FBT software template uploads
5. FBT software template uploads
Outputs are configured to populate relevant FBT software upload templates, including the following classifications:
Meal entertainment
Property
Residual
Expense payment benefits.
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Related services
Contact us
Norah Seddon
Partner, Tax, Asia Pacific Workforce Leader, PwC Australia
Tel: +61 2 8266 5864