Better practices for the administration of FBT outlines the following five better practices to help entities better administer their FBT obligations:
- Identify FBT risks.
- Establish and maintain an effective FBT control environment.
- Plan each year's FBT return.
- Communicate with stakeholders.
- Prepare and review the FBT return and supporting processes.
The information is designed to meet the needs of Chief Executives, Chief Financial Officers (CFOs) and FBT Risk Managers who are responsible for governance and control arrangements (including implementing appropriate risk and control arrangements), and managing resource requirements.
Each better practice includes a documentation checklist that provides examples of practices that might indicate the existence of better practice.