KPMG and Thomson Reuters team up for FBT compliance solution

26 February 2020 2 min. read

KPMG has forged a strategic partnership with Thomson Reuters to leverage the its Fringe Benefits tax (FBT) compliance software Onesource to better support tax clients across Australia.

Thomson Reuters deploys Onesource to help clients across the globe navigate complex corporate tax regimes. The software is designed to manage the entire tax lifecycle, starting with breaking down complex regulations and audit processes and ending with improvements in tax computation processes and efficiency.

In Australia, the software is mainly used to support compliance with FBT regulations. Fringe benefits tax is paid by employers on certain benefits they provide to their employees or their employees' family or other associates. Examples of fringe benefits are allowing an employee to use a work car for private purposes, giving an employee a discounted loan or paying a gym membership.

KPMG and Thomson Reuters team up for FBT compliance solution

Global information solutions firm Thomson Reuters has now brought Big Four accounting and advisory firm KPMG on board to grow its penetration in Australia and enhance the Onesource product to meet local demands. Commenting on the partnership, KPMG Australia Partner Hayley Lock stated that Onesource is “synonymous with strong governance for FBT,” and that it has gained significant prominence across Australia’s tax compliance landscape.

She also revealed the firm’s ambitious plans for the collaboration. According to Lock, KPMG plans to leverage its “hard-earned know-how from the preparation of large-scale FBT returns to catapult Onesource into a future driven by data, analytics and automation.”

Head of proposition at Thomson Reuters Nicholas Wong stated that the collaboration would be beneficial for both parties. Entering into a partnership with KPMG “allows Thomson Reuters to match its market-leading software with the market leader providing FBT consulting services.”

“Our mission is to continually develop technology our users love, while also re-imagining tax and finance compliance,” said Wong. adding “KPMG will help us with this goal.”

KPMG is already involved in using digital tools to help Australia’s business environment navigate the tax landscape, including the development of a Crypto Tax Estimator for Australian cryptocurrency traders. This crypto-focused app incorporates information on capital gains tax and the goods & services tax (GST) to avoid the problem of double taxation and help compute taxation levels.