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' workpaper 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.
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 workpaper 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 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 coloured in light grey. Cells in dark grey will automatically fill based on the data you provide in the light grey cells or 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.
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.
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 make up of the total. You will need to enter the relevant figures in the Number column.
Watch the following video to see the FBT workpapers in use:
Templates available in the Fringe Benefits Tax starter
|FB01||FBT Checklist||Job Management|
|A01||Matters for Partner||Job Management|
|A02||Items Forward||Job Management|
|A05||Review Points||Job Management|
|A06||Client Queries||Job Management|
|A10||Matters for Client||Job Management|
|A13||Workpaper Items||Job Management|
|FB02||Board Fringe Benefits||Benefits|
|FB03||Car Parking Fringe Benefits||Benefits|
|FB04||Debt Waiver Fringe Benefits||Benefits|
|FB05||Meal Entertainment Fringe Benefits||Benefits|
|FB06||Housing Fringe Benefits||Benefits|
|FB07||Housing Loan Fringe Benefits||Benefits|
|FB08||Living Away from Home Allowance Fringe Benefits||Benefits|
|FB09||Loan Fringe Benefits||Benefits|
|FB10||Car Fringe Benefits||Benefits|
|FB11||Residual Motor Vehicle Fringe Benefits||Benefits|
|FB12||External Property Fringe Benefits||Benefits|
|FB13||In House Property Fringe Benefits||Benefits|
|FB14||Residual Fringe Benefits||Benefits|
|FB15||Expense Payment Fringe Benefits||Benefits|
|FB16||Simplified Car FBT||Benefits|
|FB17||FBT Instalments Paid||FBT Instalments|
|Z01||Spare Worksheet - Blank||ALL|
|Z02||Spare Worksheet - List||ALL|
To add other templates into your firm starter file, please see the Smart Workpaper Customisation guides.