From 1 April 1999 you must record the value of fringe benefits provided to your employees. You may also need to report a value of benefits on the employees' Payment Summaries.
To track fringe benefits provided to an employee, enter details on the FBT tab on the employee record. The Reportable FBT amount will be reported on the employee's Payment Summary.
1 From the Lists menu, choose Employees.
2 Click on the employee that you want to enter FBT details for, and then click Edit.
3 Click on the FBT tab.
4 Enter the Year that the payment applies to.
5 Enter a description of the benefit in the Comment column. You may find it most useful to enter the name of the FBT category. (see below)
6 Enter the actual amount of the benefit in the Amount column. Press TAB.
7 The grossed up Reportable FBT amount for the employee is calculated and entered automatically in the Reportable FBT column, using the following formula.
|
Total value of benefits (1-FBT rate) |
For example, if the total value of benefits provided to the employee is $1500. If the rate of tax is 48.5%, then reportable fringe benefits amount is calculated as follows:
_1500 .
(1-.485) = $2,912.62
If the FBT rate changes, you can change it in Tax Settings.
8 To add another line, either press the Tab on your keyboard, or click Insert.
Note Elite Payroll does not calculate the Fringe Benefit Tax. For further details see the Employee record - Fringe Benefits
The reportable fringe benefits amount relating to benefits provided during the FBT year (1 April to 31 March) will be shown on the employee's Payment Summary for the corresponding financial year. For example, reportable fringe benefits provided during the period 1 April 2000 to 31 March 2001 will be shown on the employee's Payment Summary for the financial year 1 July 2000 to 30 June 2001.
Excluded benefits are not exempt from FBT, but have been excluded from the reporting requirements because of difficulties in allocating a share of the value to an individual employee. These fringe benefits will, however, still be subject to FBT.
For details, obtain the ATO guide entitled Fringe Benefits Tax - A Guide for Employers.
Car fringe benefits
Expense payment fringe benefits
Car parking fringe benefits
Loan fringe benefits
Debt waiver fringe benefits
Housing fringe benefits
Board (meal) fringe benefits
Living away from home fringe benefits
Airline transport fringe benefits
Entertainment provided by an exempt organisation
Meal entertainment fringe benefits
Property fringe benefits
Residual fringe benefits