FBT software designed to efficiently manage FBT compliance from beginning to end.
Save time and reduce FBT compliance risk through greater workflow efficiency. ONESOURCE Fringe Benefits Tax (formerly FBTSimplifier) - Thomson Reuters' FBT software solution - offers comprehensive reporting as well as scalability and functionality that enables easy upload, input, capture and collation of FBT data.
Built with a user-friendly interface, FBTSimplifier allows Finance, Human Resources and Tax teams to focus on value added activities by automating the high volume and often complex tax calculations required to complete an FBT return.
ONESOURCE Fringe Benefits Tax (formerly FBTSimplifier) will produce your FBT returns, allow you to customise reporting for your needs and generate reportable fringe benefits amount information, all as a part of one integrated process. Simple yet powerful, it will liberate you from the limitations and risks of conventional spreadsheets and clunky database forms.
- Standard data collection templates.
- Flexible importing from your existing systems.
- flexible formats permitted
- saves time
- reduces errors
- instant data validation
- Simple rollover of prior year information
- closing balances become opening balances
- bring forward employee details, standard categories and cost centres
- Detailed checklists to identify all benefits
- Workpapers specifically designed to capture data and undertake tax calculations for each fringe benefit type.
- Remove risk of spreadsheet errors.
- Customize the format of workpapers according to your preferences.
- Track benefits and tax payable by employee.
- Comprehensive guidance and tax technical commentary throughout.
- Direct links to all declarations and elections.
- Total by category and/or cost centre.
- Consolidation of reporting entities, enabling improved management reporting and/or decentralized FBT return preparation.
- Prepare the ATO form for lodgement.
- Many useful standard reports.
- Unlimited user-prepared reports via wizard.
- Reportable benefit data for Payment Summaries.
- Flexible output formats including Excel and PDF.
One process, multiple outputs
A single process generates:
- A "ready to lodge" FBT return form
- Management reports - including cost centre reports
- RFBA report for payroll
- Employee RFBA letters
FBT SOFTWARE TO SUIT YOUR BUSINESS NEEDS
All features in Lite plus:
BUT I HAVE A SPREADSHEET…
- Inefficient and risky: statistically over 90% of all spreadsheets contains errors.
- Limited ability to streamline FBT / RFBA process.
- No roll forward, creating risk that closing figures (e.g. odometer readings) may not match opening figures in the following year.
- Reviews take longer and can cost significantly more when outsourced.
- Processes can often be person dependent, which creates risk if FBT return preparers leave the organization.
- Cost of update and review for rate and law changes can be significant.
- Manual data entry:
- Time consuming – most data exists in other systems (e.g. payroll).
- Transposition errors - more detailed review required.