Refer to the document below for full instructions on how to set up Reportable Fringe Benefits (RFB) and report it correctly to the ATO (Australian Taxation Office) via STP (Single Touch Payroll).
After you run Change Tax Year, view employee RFB values by running IQ Reports - IQ-RFB or IQ-FBFEI with the financial year entered in the parameter. RFB values are also available in STP Update and STP Adjustment for the selected Financial Year.
Note: This applies to years ending 2020 onwards.
Enter Reportable Fringe Benefit (RFB)
Follow the steps below for current employees and employees terminated in the prior financial year, who have RFB values from April to June of the prior year. Don't remove the Termination Details, their RFB values will appear in the STP Update.
Go to Payroll, Maintenance, Employee, Employees.
Edit the employee.
Select Tax Details.
Under Other Taxation / Tax Offsets, enter the RFB Taxable and/or, if applicable, the RFB Exempt grossed up values.
Click OK to save the changes.
Tip: If the RFB Exempt field is greyed out, you will need to mark the Payroll Company as FBT Exempt. To do this, go to Payroll, Maintenance, General, Payroll Companies. Edit the Payroll Company, tick FBT Exempt and click OK.
For information relating to RFB exemptions for Electric Vehicles, refer to the link below:
Electric cars exemption | Australian Taxation Office (ato.gov.au)
Enter Reportable Fringe Benefit (RFB) for Prior Financial Year
To enter or correct Reportable Fringe Benefit values for a previous Financial Year, use STP Adjustment.
Go to Payroll, Transactions, Import and Export, STP Adjustment.
Select the Payroll Company.
Enter the Employee you need to enter or amend. If you need to do multiple, tick All.
Select the Financial Year.
Click Apply.
Double-click on the record to adjust. You will receive a warning that the values won't be validated, click OK.
Type in the new Taxable Amount and/or Exempt Amount in the Reportable Fringe Benefits (YTD) box on Employee Values.
Click Save.
Tick the checkbox on the left to select the record to report.
Click Update ATO.
Complete the Declaration window and click Report.
Ensure that the Adjustment Event is successful in STP Reporting (Payroll, Transactions, Import and Export). If the Adjustment Event isn't visible, check that the date range includes 30 June of the financial year you are adjusting.