Fringe Benefit Tax (FBT)

FBT payments would generally be processed before the EOFY. This needs to be remitted through STP.

FBT processing guide:

• If you are entering FBT values in Datapay before financial year end (30 June 2024) then set Direct Credit date for the pay run as the date you plan to finalize.

Note: FBT amounts that are input should be the (Grossed up) Reportable Fringe Benefit amount and not the amount the employee actually received. It is best to obtain these values from an accountant if you are unsure about this. 

Employees who receive FBT value of less than $3773 will not appear on the MyGov Income Statement, as it is below the minimum value to be reported. The FBT amount only becomes reportable once the Grossed up FBT value is above $3773.

Adding FBT component into a Pay run

If you have processed FBT outside of payroll, but would like to put the values through the pay run so that values appear in the employee's Income Statement via the STP Reports, then follow the below steps:

1. Create a component called Fringe Benefit (FBT) in the application under Benefits.

2. Add this component to the pay-packet and add FBT values

Open

The FBT component does not contribute towards gross earnings, it is not taxed and it does not get processed by direct credit. This component is used purely for recording purposes, so that the value flows through to the STP Reports.

Recording recurring Fringe Benefits

To set up a recurring Fringe Benefit component for an employee, navigate to the Employee tab > Pay Components > Benefits > Fringe Benefit. Select the Effective From date and a Name before clicking OK.

Select the newly added FBT component and enter the FBT value in the Values area to the right of the screen.