Fringe benefits tax compliance is still a highly manual process in many organisations. The review of internal general ledger, payroll, expense system data and third-party information is often a time-consuming and arduous process. The demanding time pressures surrounding the FBT return lodgement take a toll on resources and the organisation’s competing priorities.

KPMG's FBT Automator is designed to make this simple.

Our approach combines sophisticated data analytics, through a combination of the application of a bespoke rules-based approach specific to your FBT process, and natural language processing (NLP), with automation to streamline the compliance process and uncover financial opportunities. Coupled with the vast experience and deep insights of KPMG’s tax professionals, FBT Automator can help instil consistent and transparent procedures, and replace the highly manual process currently used to compile your organisation’s FBT return.

Key features

What insights can FBT Automator provide for FBT return preparation?

• Ability to review the entirety of your organisation’s expense management system data and general ledger data, reducing risks associated with mis-codings.
• Application of pre-determined and bespoke rules to classify expenses for correct FBT treatment.
• Periodic deployment to reduce time and effort at the end of the FBT year.
• Test validity of manual data capturing for fringe benefits and application of risk assessment to identify users with high error rates requiring further investigation.
• Undertake comprehensive analysis by combining records from multiple data sources including employee records, car parking boom gate data, and other miscellaneous sources, allowing for selection of the optimal FBT calculation methodology.
• Preparation of FBT return figures flowing from the FBT Automator into a format suitable for upload through tax filing software, including Thomson Reuters ONESOURCE.

For more information, read our FBT Automator factsheet (PDF 382.5KB).

To discuss further or for a demonstration, contact one of our experts.