FBT software
March 25, 2020Fringe Benefits Tax (FBT) is simply an Australian tax that is paid by the employers for some certain benefits which they issue to their employees. The process may incur some lack of accuracy hence the need for using automated software arises. The software allows human resources, payrolls and tax teams to lay their interests in value-added activities. This is done possibly by automating the large volumes and the complex tax computations essential for FBT return. In Australia, this software is used by more than 1,000 corporations, educational institutions, hospitals, and the top four accounting companies, among others.
FBT also regards the benefit an employer contributes to their employees’ families, as well as advantages that are determined by an employer but produced by a third party. FBT also pertains to gaining an employer that presents their employees’ families, as well as gains that are determined by an employer but rendered by a third party.
Benefits of using the FBT software
It offers supreme calculations, FBT makes easy, and comprehensive reporting
The FBT software enables one to prepare as well as documenting FBT returns more precisely and faster. The software has inbuilt features such as sense checks, optimisation logic and review functionality that makes the reporting to be more accurate.
It increases accuracy and reduces risk
This software again allows the users to rely on it for tax maintenance for complex tax regulations. They also have the chance of eliminating Excel, minimise errors, thereby avoiding the compliance risk.
It reduces FBT liability
When users fully apply the employee attribution and pool as well, they end up minimising their cash FBT liability. Taxlab, for example, optimises tax and automates calculations. This, therefore, eliminates spreadsheet delusions therefore the users are confident that they are complaints.
It guarantees world-class support
The FBT software is developed and designed specifically for accounting firms and local corporates. They, therefore, enjoy getting specialised helpdesk support available at all times. The users can talk to the development team every time they wish to.
Comprehensive features and simplicity of use are also offered
Taking Taxlab FBT software as an example, it is easy to use and learn, and it additionally covers all return types and benefits types. The tax is quickly calculated and precisely and besides, well-documented returns are available at the touch of a button.
Services offered by FBT software
RFBA calculation-The reportable profits for return summaries are measured as part of normal return preparation.
Salary packaging optimisation – Standard report bestowing excess post-tax benefactions by employees aids optimise salary packaging methods.
Reporting – Produce year-on-year comparison reports by an entity, profit type and cost centre is offered.
Simplified FBT to ATO from e-File Lodgement-Allows alignment with the new standard business reporting (SBR) for business-to-government reporting.
Online help-The FBT software offers online 24hour help for its users for interactivity and ease of use.
FBT software is ideal for the following companies
1.Companies and businesses with an FBT liability in Australia
- Businesses and companies seeing to take charge of their FBT returns by offering their tax preparation in-house
- Businesses and companies attempting to lessen the expenses linked with external accounting firms developing your FBT returns
- Tax Specialists requiring confidence in software that will decrease risks connected with tax compliance
- Tax specialists desiring to further their compliance process beyond Excel spreadsheets
- Tax Specialists coveting cloud-based tax compliance software for flexible working.
