I entered the grossed up FBT value rather than the actual value. Can this be fixed?

/I entered the grossed up FBT value rather than the actual value. Can this be fixed?

I entered the grossed up FBT value rather than the actual value. Can this be fixed?

The actual amount of the benefit should be taken up in the payroll; the system will calculate the grossed-up value which is required to be printed on the Payment Summary.

If Fringe Benefit amounts appearing on the PAYG Tax Reconciliation Report or Payment Summaries are incorrect because the grossed-up figure has been entered into the payroll instead of the benefit amount, you must do an adjustment pay to fix the problem.

Do not change the FBT Rate or Threshold in Payroll Options to try and “work-around” the error. If you do this, Payment Summaries may show the correct figure, but the Magnetic Media File will be incorrect and will be rejected by the ATO.

By |2017-12-07T15:32:33+00:00December 7th, 2017|0 Comments