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Employee FBT |
  
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Employee FBT |
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To access an employee's fringe benefit tax information, follow the instructions below
1.Click on the 'Employees' button from the main screen
2.This takes you to the Employee List. Find this employee and double click on their name (i.e. we are editing their details)
3.You are now at the first set of tabs of their employee details. Click on the 'FBT Button' at the bottom of the window.
You are now taken to the 'FBT Details' window for this employee.
The total amount for every FBT "item" for the employee must come up as a line to the right of the calendar. Each line must have a date the FBT was incurred. Adjust the calendar to display the month and year when the FBT was incurred. If you intend to have this FBT item to appear on the employee's payment summary of a particular financial year then the date must be within 12 months prior to the 31st of March of that financial year ending. For example for the financial year 2000/2001 the date range would be from 01/04/2000 to 31/03/2001.
Double click on a date on the calendar and a corresponding line will appear to the right. Then fill in the rest of the details of the line
Type, Description – This is the description of the "event" or "item" that incurred the FBT e.g. lap top computer. Click into the 'Type' column for this line and a down arrow will appear. Click on the down arrow and a list of possible "events" will drop down. Click on one of them to place it's description in the 'Description' column for this line. If the "event" you're looking for is not in the list then click into the white field below 'Add FBT Details' (at bottom of window) and type in the description of the "event". It will now be available in the drop down list in 'Type'.
Taxable, Factor, Grossed Up – The taxable amount of the FBT "event" is multiplied by a certain factor to arrive at a 'grossed up' amount. According to current tax scales there only two factors. 2.1292 is used when GST is included in the taxable value of the FBT "event". 1.9417 is when GST has NOT been included in the taxable value of the event. Choose the factor required and then enter in the taxable value. From there press the TAB key on the keyboard and the correct figure will appear in the grossed up column.
e-PayDay® works with the taxable figure to arrive at the grossed up, not the other way around. Many accountants will only supply their clients with respective figures that are to show on employees payment summaries. We can interpret this figure as the grossed up, NOT the taxable. But we need a taxable figure to arrive at this grossed up figure. Solution: divide the grossed up figure by the appropriate factor (2.1292 or 1.9417) and you will have the corresponding taxable figure.
To add another FBT item, double click on another date on the calendar and another line will appear.
When then the total taxable value of your FBT "items" exceeds $1000, this figure, along with the total grossed up figure, will appear in the totals section below the calendar. There are two lines in this totals section. The top line has figures relevant to the current financial year. The bottom line is relevant to the following financial year. The total grossed up figure (on top totals line) will be the figure that is reported on this employee's payment summary for the current financial year.
Click on 'OK' when finished to return to this employee's first set of tabs of employee information.