Record keeping requirements
You should record information relating to the entertainment provided so that the taxable value of the fringe benefit can be calculated. You should record:
- the date you provided the entertainment
- who is the recipient of the entertainment (are they an employee, associate of the employee or another person)
- the cost of the entertainment
- the kind of entertainment provided
- where the entertainment is provided.
Record keeping and benefits provided by an associate
Where benefits are provided by an associate to your employees, your associate must give you the valuation details of the benefits by the 21st April.
Record keeping and benefits provided by a third party
Where a fringe benefit is provided under an arrangement with a third party, you need to take reasonable steps to determine the value of benefits provided to your staff.
A guide for income tax-exempt non-profit organisations to assist them to understand how FBT and entertainment works