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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 and expense management system, fleet reports from third parties, and declarations from employees. PwC’s Fringe Benefits Tax (FBT) Automation solution is part of our broader suite of Employment Tax Technologies via our Workforce Automate platform.
In order to alleviate pain points, PwC’s FBT solution utilises a range of technologies—including machine learning, data analytics and GPS tracking technology (via our third-party joint business relationship), streamlining 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.
Expense 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 your general ledger and expense management system, performing reconciliations and technical FBT analysis.
This eliminates the need to manually analyse your general ledger accounts line-by-line and increases the accuracy of your general ledger analysis by making consistent decisions across large data sets.
FBT Workpapers and Return Lodgement
Available as an add-on to the Expense Classification module, or a standalone module, Workforce Automate’s Workpaper and Return lodgement functionality allows you to prepare and lodge all FBT returns electronically with the ATO via Standard Business Reporting. All supporting benefit category workpapers and reports, such as RFBA reports and Payroll Tax reports are also available. Adjustments to benefit category workpapers automatically flow through to the final FBT returns which can be viewed in real time, on an entity by entity basis.
A lodgement receipt is available once your returns are successfully lodged with the ATO.
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. FBT Workpapers and Return Lodgement
4. FBT Workpapers and Return Lodgement
Outputs are automatically mapped to populate into our FBT benefit specific workpapers, automatically flowing through to the final FBT returns which can be viewed in real time.
Workforce Automate’s electronic lodgement capability allows users to lodge directly with the ATO, removing any risk of transposition errors with direct lodgement via Standard Business Reporting.
5. Additional automation offerings
5. 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.
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