What are the FBT reporting requirements?

/What are the FBT reporting requirements?

What are the FBT reporting requirements?

The format of the 2000/2001 Payment Summaries for Australia has changed to comply with Version 7.3 of the ATO specification and includes the FBT reporting requirements.

The FBT year runs from 1 April to 31 March. Because this differs from the Payment Summary year, Attaché Payroll holds the figures for fringe benefits across the year end. Thus you must accumulate details for the 2000/2001 Payment Summary from 1 April 2000.

The current version of Attaché Payroll enable the FBT component to be held on the Employee Master File, and the grossed-up value to print on the Payment Summary as required by the ATO.

Note: FBT can be taken up at any time prior to printing the Payment Summaries. 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. Because the FBT year extends from 1 April to 31 March, it is necessary to record the amount of the benefit for the 2000/2001 year with a Pay Period Ending date of 31 March or prior. If the FBT component has not been entered during the payroll year, we suggest that the Adjustments program be used to take up the FBT amount so as to avoid impacting leave accrual figures. FBT amounts recorded from 1 April will be held on file for the 2001/2002 year.

By |2017-12-07T15:37:44+00:00December 7th, 2017|0 Comments