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Retrac's avatar
Retrac
Contributing Cover User
3 years ago

FBT recording a purchase that is subject to FBT

We have an employee to whom we are reimbursing his monthly telephone account.  I am aware that this reimbursment may be subject to FBT if more than $2000 per year paid to employee. (FT year April-Mar...
SamaraM's avatar
SamaraM
Former Staff
3 years ago

Hi Retrac 

 

Thank you for your post. In regards to how much FBT to add to the purchase, we would highly recommend that you consult your accountant or the ATO regarding the way to calculate it; so that you are meeting all your tax obligations in this situation.

 

Once you've done so, if you have any queries regarding how to record it in the software, we'd be more than happy to assist.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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