Report RFBT at Year End
FROM:
SINGLE TOUCH PAYROLL ‘PAYROLL REPORTING’ BUSINESS IMPLEMENTATION GUIDE (SINGLE TOUCH PAYROLL BIG)
PAGE 36
3.3.3 Reportable fringe benefit amount /Reportable employer superannuation contributions
Where an employee receives RFBA or RESC amounts these may be reported through STP.
Note: Reportable Fringe Benefits Amounts arising in an FBT year (1 April until 31 March) must be reported entirely within the financial year ending on the following 30 June (for example, for 1 July 2017 until 30 June 2018 Financial year include RFBA amounts from 1 April 2017 to 31 March 2018). RFBA from 1 April to 30 June are reported in the following financial year.
The rules for reporting RFBA/RESC are:
1. An employer may provide YTD RFBA and RESC through a pay event (if the information is available in payroll) throughout the financial year.
2. An employer may provide YTD RFBA and RESC through an update event throughout the financial year.
3. If reported during the year via a payroll or an update event the amounts should continue to be reported for each following pay event, even if the YTD amounts remain the same.
4. Alternatively, the employer may report these amounts via an update event as a part of the finalisation process at the end of the financial year.
5. If the employer cannot (or makes a choice not to) provide RFBA or RESC via STP, then they must provide this information on a payment summary to their employees and provide a payment summary annual report to the ATO. This payment summary must not include amounts reported through STP.
How to report RFBT in STP Creator
We recommend reporting any RFBT Taxed or RFBT Exempt amounts at the end of the payroll year, similar to how it was done when preparing Payment Summaries in the past.
At the end of each payroll year, you need to add a Final Indicator for each Payee to notify the ATO that this is the final report for this payee and their Payment Summary (or Income Statement) can now be finalised.
We recommend when finalising the Payment Summary via STP, work out the total RFBT amount (say it is $2700) and complete the RFBT Taxed (or RFBT Exempt) field on the employee's card as follows:
When preparing the Final STP Report Data, the amount shown here will be reported in the RFBT Taxed field. Check that it is correctly displayed (as per image below) and add a Final Indicator for this payee.
After you have submitted the Final Indicator with the above RFBT amount, be sure to set this amount back to zero on the Payee Screen before your first STP in the new payroll year.
If not using MYOB®
Use the same procedure as outlined above for MYOB® users. Alternatively, simply select the relevant STP Fields here. On the Assemble Income Statement Data (YTD) screen, manually add or import YTD data indicating the YTD amount for each Payee against each STP Field.
After you have submitted the Final Indicator with the above RFBT amount, be sure to set this amount back to zero on the Payee Screen before your first STP in the new payroll year.