Forum Discussion

ShellyM's avatar
ShellyM
2 years ago

s57A Reportable Fringe benefits under threshold

Situation - we are a charity (PBI status) who offers staff the ability to salary sacrifice part of their wages under s57A, which means that those amounts are not taxed.

 

Problem - I can't input their s57A amounts and submit their EOFY summaries, I believe because they are under the FBT threshold.

So I'm not sure what to do now - if I submit without pulling these numbers out, employees will not see it in their EOFY reporting as an amount that they are entitled to claim an offset on in their tax return, because if they are over the tax paying threshold for the year they should be able to have that as an amount that they don't have to pay tax on.


But similarly, I can't submit to show they have an amount that is under S57A.


So not sure what to do next. 

  • pr13's avatar
    pr13
    2 years ago

    I'm having this same issue. In other payroll software I can include RFB s57a amounts under the threshold.

     

    The ATO states we report each employee's RFBA through STP or on their payment summary. I can't see mention of only including amounts above the threshold, and as an accountant I need to report the RFB in the individual's tax return to arrive at their adjusted taxable income.

     

    The ATO states reporting RESC and RFB through STP is voluntary but surely we shouldn't have to prepare paper payment summaries to report the RFB amounts appropriately?

  • Sean_DC's avatar
    Sean_DC
    Former Staff
    2 years ago

    Hi ShellyM 

     

    Thank you for your post. I'm glad to help you with this. 

     

    The fringe benefits are set to be reportable if the total taxable value exceeds the threshold set by the ATO. With your concern, it would be best to reach out to the ATO on what to do for cases like yours. 

    For additional guidance, here's a Help Article with detailed information regarding Payment summaries: Reportable fringe benefit. 

     

     

    Please let me know if you have further enquiries and I'll be happy to help. 

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users in finding this information.

     

  • Sean_DC's avatar
    Sean_DC
    Former Staff
    2 years ago

    Hello pr13 

     

    Thank you for posting. Firstly, I want to greet you with a warm welcome to the MYOB Community Forum. I hope you find it wealthy of knowledge. 

     

    Regarding the threshold, I would suggest having a look at this article from the ATO. If you have further questions about that, it would be best to reach out to the ATO. If you're on STP, you do not need to prepare payment summaries anymore. If you need a guide on reporting fringe benefits amounts (RFBA), I would recommend having a look at this Help Article on Reportable fringe benefits amounts (RFBA) with Single Touch Payroll reporting.

     

    Please feel free to post again. I'm happy to assist further.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users in finding this information.

     

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