Perth_Team
6 months agoExperienced Cover User
FBT
Our GM is provided with a company car, which has an FBT grossed up value exceeding $2K. I need to report these figures to his RFBA and also pay the payroll tax for the grossed up value. My questions are:
- Should the grossed up value be recorded in the books for the purpose of payroll tax?
- After that, I will record the FBT tax (47% x grossed up value) as Debit FBT Expense and Credit FBT Payable.
Please advise.
Thanks