Fringe Benefits Tax or FBT is an Australian tax that business owners pay for benefits that they have given their employees. To accurately calculate the payment, people use FBT software. The software helps companies and institutions accurately track all the benefits that must be included in the FBT tax. By making accurate calculations, people save themselves the grief of making mistakes and perhaps having to pay penalties.
Benefits of FBT software
- The software makes it simple to calculate and report the correct amounts for benefits made.
- FBT software lets people not only prepare but also document FBT returns accurately and quicker. The software has features that have been inbuilt, like the logic of optimization and functionality of reviews so that all reporting done is more precise.
- FBT software makes for better accuracy and less risk.
- It lets users rely on the software for tax maintenance when faced with complex tax regulations. Excel can be eliminated, errors are minimized, and this helps to avoid compliance risks.
- Reduces FBT liability.
- Cash FBT liability is minimised when using this software application.
- FBT software guarantees world-class support.
FBT software was specifically designed and created for the local corporation and accounting firm use. The software offers specialized helpdesk support at any time when needed. Those who use it can chat with the development team whenever necessary. It is possible to learn about the software and how to use it with no complications. Tax is precisely calculated, and fully documented returns are available with just the touch of a button.
FBT software services
- As part of the regular return preparation, reportable profits for return summaries get measured through RFBA calculations.
- Optimizations of salary packaging.
- Yearly comparison reports can be obtained by an entity, profit type, and cost centre.
- Simplification for the new standard business reporting.
- Available online 24-hour online help.
FBT software is ideal for the following companies:
Summing it all up, FBT software has a flexible design to handle any type of tax preparation. You can quickly and easily share data between those who review and those who prepare. Data can be entered efficiently with an upload process that is guided to make it easier to follow and understand while calculations show up as you do your work, and you can see them on the work papers as you go along. The information can be easily imported from business reports to governmental institutions that require the data. As part of the expected return, preparation benefits can be reported to summarize payments and calculate them.
The standard report shows employees’ contributions after taxes to optimize salary packaging better. You don’t need to use Excel to group together your reportable entities and obtain yearly comparison reports according to all of the standard calculation categories. You can get help for anything you need to be clarified with just the click of a mouse in each work paper, and training is available to learn about this software as well as workshops to help you understand the software better and how to work with it.
So make things easier for yourself each year by obtaining FBT software and make tax time much less frustrating. Your calculations will be precise and correct, and you won’t have to worry about them once you have submitted your papers. Everyone needs to have fewer tax time problems, and this software is the best solution for all businesses.