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Accounting News

Reportable Fringe Benefit Amount - Employer Reporting

  What should employers report on an employee’s statement of earnings (which most people still call a group certificate)?

           

An overview might help.

Include an amount if the total taxable value of certain fringe benefits provided to an employee in the preceding fringe benefits tax (FBT) year (1 April to 31 March) exceeds $2,000 for the FBT year.

The employer must record the grossed-up taxable value of those benefits on the payment summary for the financial year that corresponds with the reportable fringe benefits amount.

Don’t imagine for a moment that calculating these figures is easy.

So in the June 2015 employment statement, include the Fringe Benefits in the period ending 31st March 2015.

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