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MRAK's avatar
MRAK
5 months ago

ERROR when finalising STP for RFBA

Hi there - i know this has popped up a few times.   I'm trying to finalise an employee that has a reportable FTB amount. the amount is $3684.35 which is above the $2k ATO threshold.   I am receiv...
Sean_N's avatar
Sean_N
MYOB Staff

Hi MRAK, 

 

Thanks for posting on our Community Forum. 

 

When finalising an employee with an RFBA for Single Touch Payroll, you would usually enter the grossed-up taxable value of the benefit. This is stated on the following support article: Reportable fringe benefit amounts (RFBA) with Single Touch Payroll reporting (myob.com) (http://help.myob.com/wiki/x/DKlqAg)

 

As per the ATO website, the minimum grossed-up value is showing as $3,773 for the 2024 financial year. Fringe benefits tax – rates and thresholds | Australian Taxation Office (ato.gov.au) (https://www.ato.gov.au/tax-rates-and-codes/fringe-benefits-tax-rates-and-thresholds#Reportable_fringe_benefits)

Any amount lower than this cannot be entered when finalising the employee. If you have any questions regarding how to report a lower amount, please seek advice from the ATO. 

 

Kind Regards, 

Sean

MRAK's avatar
MRAK
5 months ago

Thank you! have read and corrected my misunderstanding!

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