Thomson Reuters and KPMG Collaboration More Than a 'Fringe' Benefit
SYDNEY, Feb. 6, 2020 /PRNewswire/ -- Thomson Reuters' ONESOURCE Fringe Benefits Tax software, considered to be Australia's most complete and comprehensive FBT software solution, will now be supported by the deep tax technical knowledge of KPMG's Employment Tax Advisory group. By joining forces, efforts by both parties will go beyond tax technical support as the two teams collaborate to enhance the solution to continue to assist organisations comply with one of Australia's most administratively burdensome tax regimes.
Hayley Lock, Partner at KPMG said: "We are proud to work with Thomson Reuters on a product that is synonymous with strong governance for FBT and is seen as a leader within the Australian tax market. We are excited by the opportunity to leverage our hard-earned know-how from the preparation of large-scale FBT returns and our tax technical knowledge to catapult ONESOURCE Fringe Benefits Tax into a future driven by data, analytics and automation."
Nicholas Wong, Head of Proposition (APJ, Emerging Markets), Thomson Reuters said: "As the market leading FBT solution, Thomson Reuters continues to invest deeply to solve customers' complex FBT challenges. Our mission is to continually develop technology our users love, while also re-imagining tax and finance compliance.
In working with KPMG, it allows Thomson Reuters to match its market leading software, with the market leader providing FBT consulting services."
Built with a user-friendly interface, ONESOURCE Fringe Benefits Tax software allows finance, human resources, payroll, and tax teams to focus on value-added activities by automating the high-volume and often complex tax calculations required to complete an FBT return.
Made possible through the engagement, organisations will know the tax compliance requirements have been tested by KPMG and will be able to work with a platform that provides a co-ordinated approach that processes FBT returns.
ONESOURCE Fringe Benefits Tax software is used by more than 1,000 corporations, government departments, educational institutions, associations, charities, and hospitals, as well as the Big 4 accounting firms in Australia.
KPMG's Employment Tax Advisory group cover an extensive range of employment tax services, working with clients to manage compliance risks and reduce costs. The group assists with the complexities of both domestic and international workforces through fringe benefits tax compliance, due diligence and planning, salary packaging, payroll tax, contractor, superannuation and termination payments advice.
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