Reportable FBT - HELP

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YanJiang
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Reportable FBT - HELP

Hi everyone

 

I have an enquiry about reportable FBT, according to the ATO should be $2000 after grossed up, however when i enter the amount that is greater than $2000 the system is still saying it's below the limit. Can anyone tell me how to fix it?

 

Thanks

Yan

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Valued Partner Andy_Robert
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Re: Reportable FBT - HELP

Hi YanJiang,

 

The reason why MYOB is saying it's below the limit is because the $2000 is the threshold BEFORE any gross-up factor is applied.  This link from the ATO provides a simple table to follow - Reportable Fringe Benefits threshold and shows that the minimum grossed-up value is $3738.  In other words, you apply the lower gorss-up rate of 1.869 to the value of the reportable fringe benefits.

 

Hope this clarifies your situation.

 

Warm regards.

Andy Robert FIPA MICB
Face 2 Face Business Solutions
Management Accountant
email - andy@f2fbusinessmentors.com.au
web - www.f2fbusinessmentors.com.au
Former Staff JasonHill
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Re: Reportable FBT - HELP

Hi @YanJiang 

 

Welcome to the Community Forum. I hope you find it an invaluable resource for getting the most from your software.

 

Great to see you receive such a prompt response from Andy - I trust your question is answered. Please post again if you need further assistance or anytime you need help.

 

All the best,

Jason Hill
Community Manager

YanJiang
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Re: Reportable FBT - HELP

Thank you Andy!

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