in previous years we have grossed up RFBA before 31.3. Do we still need to do that?
We are an FBT exempt DGR benevolent organisation and some employees use salary sacrifice (not for super)
Our STP2 reports show the actual FBT sal sac amount each pay but this is not grossed up.
In previous years we had gone into Year to date figures and entered the grossed up RFBA figures for 31/3 each year.
Employees interim income statements currently show the actual sacrificed amount not the grossed up.
Do we need to do an adjustment to YTD as in the past to bring up to Grossed up RFBA figures?
Best Answer
-
The sal sac amount on paycheques is purely representative of the amount the employee is "sacrificing" from their gross pay ONLY.
The reportable FBT amount is a grossed-up, separately calculated figure, that you need to obtain from your tax agent. This amount should then be manually added - via a relevant Company Contribution-type "Reportable Fringe Benefit" Payroll Item - onto the last Paycheque dated on - or before - 31/03, each year 😊
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! *** Bookkeeping & 1-on-1 customised software Training/Troubleshooting ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
0
Answers
-
As per my understanding, Gross figure is made of the Payroll Item but doesn't include RFB. Please check this for your reference -
BAS Prefill - Reckon Accounts - Reckon Help and Support Centre
How to enter the FBT onto an employee’s record for STP? - Reckon Help and Support Centre
I hope this helps. Please feel free to reach out if any concerns. Thank you!
Regards
Tanvi
1
Reckon Staff