RFBA - end of year process

Experienced Cover User LaniOUP
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Experienced Cover User
Australia
Experienced Cover User

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RFBA - end of year process

Hello

We're a registered charity and are FBT exempt.  

We provide Salary Sacrifice arrangements for part of the salary of 5 employees.  These salary sacrifice payments are marked as "not reportable" in MYOB as we have been advised by our accountants that:

 

  • If you cannot (or choose not to) provide RFBA or RESC through STP, you must provide this information on a payment summary and provide us with a payment summary annual report. The payment summary must not include amounts reported through STP.

Historically we have used an external payroll provider who has submitted annual payment summaries to the ATO on our behalf. This coming year 19/20 will be the first year of us processing payroll ourselves and we are running using STP as required. 

 

Rather that reporting the RFBA via payment summaries, I think the attached MYOB instructions are saying that we can do it as a single EOFY STP pay event?  Am I understanding this correctly?  

  1. Go to the Payroll command centre and click Payroll Reporting.
  2. Click Payroll Reporting Centre.
  3. Click the EOFY Finalisation tab.
  4. For each employee with fringe benefit amounts:
    1. Click the ellipsis  button for the employee and choose Enter RFBA.
    2. Enter in both the:
      • Reportable fringe benefits amount $
      • Reportable fringe benefits amount exempt from FBT under section 57A $. The combined value of these must be above the thresholds set by the ATO.
    3. Click Add amounts.
  5. Select each employee you want to finalise, then click Set as Final.

  6. Enter your name and click Send.

 

Thanks

Lani

 

Screen Shot 2019-08-02 at 1.26.44 pm.png
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Former Staff Andrew_Y
805 Posts
Former Staff
Former Staff

805Posts

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Re: RFBA - end of year process

Hello Lani ( @LaniOUP )

 

Thanks for your post.  I hope you have been finding the MYOB Support pages and community forums to be a great place of knowledge and assistance.

 

With STP instead of Payment Summaries, you can enter this Reportable fringe benefits amount exempt from FBT under section 57A information in the End of Year Finalisation windows as a FBT yearly total.   I have provided you an image of that window as described in the help article for easier viewing below.

 

RFBT 57A.png

 

Hope that helps, and if you have found this useful in answering your question, kindly consider marking this post as a solution to assist others in finding information.

Cheers,
Andrew

MYOB Community Support

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