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Perth_Team's avatar
Perth_Team
Experienced Cover User
4 days ago

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:

 

  1. Should the grossed up value be recorded in the books for the purpose of payroll tax?
  2. After that, I will record the FBT tax (47% x grossed up value) as Debit FBT Expense and Credit FBT Payable.

 

Please advise.

 

Thanks

 

 

 

1 Reply

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    2 days ago

    Hi Perth_Team,

     

    I get why it's important to get the FBT amount right. Unfortunately, giving financial advice isn't something we can do as moderators here. I suggest chatting with an accountant or financial advisor to double-check everything's on track.

     

    If you have any other questions, though, feel free to start a new thread!

     

    Thanks,
    Genreve