FBT COMPLIANCE SOFTWARE

FBT software to efficiently manage FBT compliance from beginning to end

Save time and reduce risk during the FBT compliance process through greater workflow efficiency. FBTSimplifier – Thomson Reuters’ FBT software solution –offers a comprehensive reporting capability as well as scalability and functionality to allow easy upload, input, capture and collation of FBT data.

Imagine being able to produce your FBT return, management reports (including Cost Centre reports), RFBA payment summary data extracts as well as letters for employees detailing the amounts that will appear on their payment summaries all from a single process.

Built with a user-friendly interface, FBTSimplifier will allow Finance, Human Resources and Tax teams to add value by producing FBT returns, customised reporting and reportable fringe benefits data with the comfort of advanced integrity checking and high levels of automation designed to minimise risk and maximise productivity. Simple yet powerful, it will liberate you from the limitations and risks of conventional spreadsheets and clunky database forms.

Collate

  • 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

Calculate

  • Accurate worksheets for every benefit
  • Remove risk of spreadsheet errors
  • Choice of formats
  • Track benefits at employee level
  • Comprehensive guidance and tax technical commentary throughout
  • Direct links to all declarations and elections
  • Total by category and/or cost centre

Consolidate

  • Combine multiple employers, sites or reporting entities
  • Compare year on year information
  • Review benefit totals and FBT payable

Communicate

  • Prepare the ATO form for lodgment
  • 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:

  • Lodgeable FBT return form
  • Management reports – including cost centre reports
  • RFBA report for payroll
  • Employee RFBA letters


FBT SOFTWARE TO SUIT YOUR BUSINESS NEEDS

Variants
Features
Lite
  • Work papers
  • Reportable Fringe Benefits
  • ATO Form
  • Roll forward of prior year data
  • Standard Reporting
  • Tax technical commentary
  • Employee Capacity – Unlimited
  • Benefited employee capacity – 50 or 250 per reporting unit
Standard

All features in Lite plus:

  • Data Import from multiple source files
  • User Defined Reports
  • User Defined Columns
  • Checklists
  • Declarations
  • Advanced reporting including year on year analysis
  • Consolidation
  • Benefited employee capacity – no upper limit



BUT I HAVE A SPREADSHEET…

  • Inefficient and risky: statistically over 90% have errors
  • Manual data entry:
    • Time consuming – most data exists in other systems (e.g. payroll);
    • 5% to 10% transposition errors – more detailed review required;
  • Limited ability to streamline FBT / RFBA process;
  • No roll forward
  • Reviews take longer and can cost significantly more where outsourced
  • Last minute changes take longer
  • Knowledge lost when creator leaves
  • Cost of development maintenance and review generally not factored in