Fringe Benefits Tax

The FBT starter is designed to flow through the different sections to result in a final summary that can be used to fill in your FBT return. Work through the sections in the following order:

Employees Summary Worksheets

The purpose of the employee worksheets is to provide a summary of the benefits per employee, as well as the Reportable Fringe Benefit amount to be entered on the employee PAYG Payment Summaries at year end. 

Insert one EMPS Employee Summary worksheet per employee under the Employees section as shown below. It is recommended that you change the title to the employee's name so that they can be easily recognised in the dropdown menus on other sheets. 

The name on the employee summary will automatically pre-fill from the Index sheet. After completing the benefits workpapers and selecting the Refresh button, all worksheets attached to this employee will flow through to their employee summary.  

Benefits Worksheets

The benefits worksheets provide the calculation of taxable fringe benefits and/or any employee contribution amounts required to be offset against the taxable fringe benefits. 

Under the Benefits section add all of the required workpapers and select the relevant employee on each worksheet from the dropdown list. 

Note: Add one sheet per benefit per employee for most of the benefits, with the exception of FB03 Car Parking Fringe Benefits, FB16 Simplified Car FBT, and FB05 Meal Entertainment Fringe Benefits.  

Complete the worksheet, ensuring that all the necessary labels have been completed to flow through to the summary. Most of the Business Fitness worksheets have tips to help you fill in the correct data. Simply click on the cell you need to fill in and if a tip is available it will pop up in a yellow box.

Note: Cells that can be filled in are blank (white). Cells in light grey are formula driven or will automatically fill based on the data you provide from other sheets.

Ensure that you have completed the checklist associated with each worksheet as there may be items that affect the outcome of your information.

In order to populate the employee summaries, click the Refresh button. This button is located at the top of all the benefit and employee summary worksheets and on the Index sheet. 

FBT Instalments

To calculate the correct FBT amount due/refundable, ensure that you have included any instalments made during the year. To do this, navigate to the FBT Instalments section of the Index and click on Insert. Select the FB17 FBT Instalments Paid worksheet.

Enter the instalments into the relevant quarters. The total amount will flow through to the FBT Summary worksheet.

FBT Summary 

Lastly, the FBT Summary worksheet will assist you in preparing the FBT return for the client. The first section of the worksheet summarises the data from the all worksheets previously completed and will provided a final amount payable/refundable. 

The amounts making up the summary can be found in the Item 23 - Details of fringe benefits provided section below the summary. From here you can click on the blue arrow next to the relevant item to be taken to the associated worksheet that shows the detailed makeup of the total. You will need to enter the relevant figures in the Number column. 

Templates Available in the Fringe Benefits Tax Starter

FB01FBT ChecklistJob Management
A01Matters for PartnerJob Management
A02Items ForwardJob Management
A05Review PointsJob Management
A06Client QueriesJob Management
A10Matters for ClientJob Management
A13Workpaper ItemsJob Management
EMPSEmployee SummaryEmployees
FB02Board Fringe BenefitsBenefits
FB03Car Parking Fringe BenefitsBenefits
FB04Debt Waiver Fringe BenefitsBenefits
FB05Meal Entertainment Fringe BenefitsBenefits
FB06Housing Fringe BenefitsBenefits
FB07Housing Loan Fringe BenefitsBenefits
FB08Living Away from Home Allowance Fringe BenefitsBenefits
FB09Loan Fringe BenefitsBenefits
FB10Car Fringe BenefitsBenefits
FB11Residual Motor Vehicle Fringe BenefitsBenefits
FB12External Property Fringe BenefitsBenefits
FB13In House Property Fringe BenefitsBenefits
FB14Residual Fringe BenefitsBenefits
FB15Expense Payment Fringe BenefitsBenefits
FB16Simplified Car FBTBenefits
FB17FBT Instalments PaidFBT Instalments
Z01Spare Worksheet - BlankALL
Z02Spare Worksheet - ListALL

To add other templates into your firm starter file, please see the Smart Workpaper Customisation guides.

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