PwC’s ValueTax FBT solution brings together PwC’s FBT expertise with a purpose built software solution to reduce risk and capture value.
FBT applies to any business that provides staff with non-cash benefits. A non-cash benefit can include items such as making a motor vehicle available to an employee, or providing car parks, gifts, freebies, discounts and insurance.
FBT can be calculated on a flat rate or alternate rate basis, and may require quarterly or annual returns. The alternate rate basis can result in significant savings but requires a more complex calculation and access to sensitive payroll information. Failing to identify and meet FBT obligations can result in significant penalties and cost.
How we’ll work with you
Collect & collaborate
We’ll electronically collect information on a quarterly or annual basis, and discuss with you any further benefits and opportunities to consider.
For the final quarter return, we’ll connect with your HR team to obtain the relevant payroll information to take advantage of the often lower alternate FBT rates.
We’ll apply our expertise and specialist FBT software to automatically calculate and prepare your FBT return.
We’ll provide you with an easy to understand report on the return. In the final quarter, this will include a reconciliation of what savings have been achieved by applying the alternate rates.
What are the benefits of using ValueTax FBT?
Controls over sensitive data
We can help you manage the complexity and sensitivity around payroll information and reduce your FBT bill.
We’ll work with you to reduce the risk of missed exemptions.
Use of specialist FBT software to eliminate the risk of formulaic and spreadsheet errors.
Demonstrable return on investment
We’ll provide an annual report identifying the savings obtained.
We’ll take the hassle out of year-end attribution calculations and save you time.