FBT returns
List the fringe benefits a client gave their staff, work out the FBT payable and record the return as lodged.
FBT (fringe benefits tax) is a tax an employer pays on perks it gives staff, like a car, a loan or paid expenses. The FBT year runs from April to the end of March, not July to June.
How do I add a benefit?
- Open the client and go to TaxFBT.
- Pick the FBT year.
- Choose Add benefit.
- Pick the Category, like Car, Car parking, Entertainment / meal, Loan or Housing, and add a Description.
- Enter the taxable value as Type 1 value, Type 2 value, or both.
- Choose Add benefit.
Enter the taxable value after any employee contribution or exemption. Billbook doesn't work those out, or keep figures per employee.
How do I change or remove a benefit?
Choose the pencil on the row to change the category, description or values, then choose Save. To remove one, choose the bin, then Delete.
What's type 1 and type 2?
It's how a benefit's value is grossed up. Type 1 is a benefit the employer can claim a GST credit on. Type 2 is one with no GST credit. Billbook applies the right gross-up for the year from the rule book.
How does Billbook work out the tax?
The tiles add up as you go: Taxable amount, FBT payable, Instalments paid and the Balance payable or Refund.
The type 1 values and type 2 values are each grossed up, then added together to make the taxable amount. FBT is the year's rate on that total. Instalments paid come off to give the balance.
If the client paid FBT instalments on their activity statements, enter the total in FBT instalments already paid (activity statements) and choose Save. It isn't taken from the activity statements, so type the total in.
How do I lodge it?
- Lodge the FBT return with the ATO in Online services for agents.
- Back in Billbook, choose Record as lodged and confirm.
The status changes from Draft to Lodged, and adding, editing, deleting and the instalments box are hidden. The tiles then show the figures as lodged, even if the rates change later. Recording it as lodged needs the lodging permission, which partners have.
Billbook doesn't send FBT returns to the ATO. Recording it as lodged freezes the figures. Need to fix something? Choose Reopen.
Next
Activity statements for clients
Prepare a client's BAS or IAS from their books and pay runs, check it, mark it ready and record it as lodged.
The rule book (rates and rules by year)
See every rate and rule Billbook uses to work out a return, by financial year, with its government source and whether it's confirmed.
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