[AU] How to use the Fringe Benefits Tax binder

The FBT binder 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:



Home screen

When creating the binder it is important to select the correct End Date



If you want to have the ledger data available to reference, be sure to connect your binder to your client's accounting file on the Home screen. For more information on connections, see the knowledge article: How to choose the best source for a binder.



It is also important to complete the Binder Details section on the Home screen before entering any data into the calculating sheets. This is because the worksheets use fields such as Small Business Entity to determine the correct tax rate.


Hitting Save and Close on the Home screen will take you to the Index screen to start working on your calculations.


At this stage you may choose to open the Excel file associated with the binder. This can be accessed from the green ribbon present at the top of every screen of the module. For more information on the link between the web and Excel file, see the knowledge article: Do I use the online or Excel binder?




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.


Setting the Recommendations (shown as yellow star icons) to 'All' will show a list of templates available to assist with preparing your FBT binder. Insert one 'EMPS Employee Summary' workpaper per employee under the Summary Worksheets section as shown below. It is mandatory to give each summary a title (i.e., the employee's name), so they can be distinguished from one another in the calculation sheet dropdowns.



After completing the benefits worksheets (see below) 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 Worksheets section add all of the required templates and select the relevant employee on each template from the dropdown list. Simply click on the blue + button to the right of the relevant worksheet to add it to your binder or click on the + Add Record button to search for other templates available.



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 worksheets, 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.



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.




FBT instalments

To calculate the correct FBT amount due/refundable, ensure that you have included any instalments made during the year. To do this, click on the + Add Record button and choose Record Template. Select the 'FB17 FBT Instalments Paid' worksheet and click Save and Close.



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




FBT summary

Lastly, the 'FB18 FBT Summary' worksheet will assist you in preparing the FBT return for the client. The first section of the worksheet summarises the data from all the 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.




Checklist

Please note that there is a binder checklist that can be used to ensure that you have completed everything relevant to your job. This can be inserted in the General section of the Index.



The checklist items can then be accessed from within the Checklist record itself or from the Matters screen.




Templates available in the Fringe Benefits Tax binder


ReferenceNameSectionRecommendation
FB01
FBT ChecklistGeneralRecommended
TR_1Master Tax RatesIncome TaxMandatory
FB18FBT SummarySummaryMandatory
EMPSEmployee SummarySummary WorksheetsRecommended
FB02Board Fringe BenefitsWorksheets
FB03Car Parking Fringe BenefitsWorksheets
Optional
FB04Debt Waiver Fringe BenefitsWorksheets
Optional
FB05Meal Entertainment Fringe BenefitsWorksheets
Optional
FB06Housing Fringe BenefitsWorksheets

FB07Housing Loan Fringe BenefitsWorksheets

FB08Living Away from Home Allowance Fringe BenefitsWorksheets
Optional
FB09Loan Fringe BenefitsWorksheets
Optional
FB10
Car Fringe BenefitsWorksheetsOptional
FB11Residual Motor Vehicle Fringe BenefitsWorksheets

FB12External Property Fringe BenefitsWorksheets

FB13In House Property Fringe BenefitsWorksheets

FB14Residual Fringe BenefitsWorksheets

FB15Expense Payment Fringe BenefitsWorksheets
Optional
FB16Simplified Car FBTWorksheets

FB17FBT Instalments PaidWorksheets
Z01Spare Worksheet - BlankALL
Z02Spare Worksheet - ListALL


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