Reportable Fringe Benefits

accountsgelawyers
accountsgelawyers Member Posts: 5 Novice Member Novice Member
in Reckon One

Hi, where and how do I enter Reportable Fringe Benefits onto an employee's record? Also at what date do I enter this on? Many thanks

Answers

  • Rav
    Rav Administrator, Reckon Staff Posts: 14,091 Reckon Community Manager Community Manager

    Hi @accountsgelawyers

    You can add fringe benefits to employees by going to their profile, click Edit then go to the initial YTD screen. You'll find the option to add Fringe Benefits at the bottom.

    image.png

    In terms of dates, the FBT year runs from 1 April to 31 March and I'd recommend checking out more info from the ATO here - https://www.ato.gov.au/tax-rates-and-codes/fringe-benefits-tax-rates-and-thresholds

  • accountsgelawyers
    accountsgelawyers Member Posts: 5 Novice Member Novice Member

    Thank you Rav, your help is very appreciated

  • accountsgelawyers
    accountsgelawyers Member Posts: 5 Novice Member Novice Member

    Hi Rav, I have one more question, which STP Reporting Category do I select, Reportable Fringe Benefit amount (non-exempt) or Reportable Fringe Benefit amount (exceeding-exempt). I have tried looking these up. Thank you

  • Rav
    Rav Administrator, Reckon Staff Posts: 14,091 Reckon Community Manager Community Manager

    Hi @accountsgelawyers

    I'd love to be able to tell you but unfortunately that's not something I can advise you on as its largely dependent on your specific requirements and better placed for a qualified advisor such as an accountant or bookkeeper.

    I have however found some info from the ATO here which might be useful but I'd also highly recommend reaching out to your accountant as well to ensure you're getting accurate advice based on your specific circumstances.

  • 1263784
    1263784 Member Posts: 5 Reckoner Reckoner

    We are an exempt FBT organisation. There is no option to enter RFB for an exempt organisation in Reckon payroll? There are only 2 options ie non exempt or exceeding exempt??

  • accountsgelawyers
    accountsgelawyers Member Posts: 5 Novice Member Novice Member

    The benefit I need to enter is for an Electronic Vehicle on a Novated Lease which is exempt from FBT but a RFBA still needs to be entered. I have a similar issue, there are only those 2 STP Reporting Categories to select from.

  • Rav
    Rav Administrator, Reckon Staff Posts: 14,091 Reckon Community Manager Community Manager

    Hi folks

    The two FBT options shown in my screenshot above are the only options currently available in Reckon One to report FBT. If you fall outside of these two specific categories then as mentioned above, I would recommend speaking with an accountant to determine where this needs to be reported.

  • 1263784
    1263784 Member Posts: 5 Reckoner Reckoner

    Hey Rav,

    Why would there only be 2 options for this when there are those of us using Reckon 1 payroll that are not for profit organisations and therefore exempt from FBT?? Makes no sense. Someone at Reckon must know the answer to this. If we were to use the first option ie non exempt how will this be reported to the ATO? Will this have any detrimental effect on our staff income summaries? I am an accountant by the way and I am confused.

  • accountsgelawyers
    accountsgelawyers Member Posts: 5 Novice Member Novice Member

    Hi Rav

    I have just been talking with an ATO STP Specialist. They have told me to contact Reckon, that a system update is required to allow for other options to be selected, especially for our scenario of an Electronic Vehicle on a Novated Lease which is exempt from FBT.

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