July 12, 2019 12:25 pm | by Fiona
All Not For Profit organisations reporting through Single Touch Payroll (STP), can choose how they would like to report fringe benefits amount (RFBA) and employer super contributions (RESC). These fringe benefits are reportable if the total taxable value exceeds the threshold set by the ATO.
There are two options available through STP:
OPTION 1– If you choose to provide your employee’s RFBA and RESC amounts at each payroll or update event, you’ll need to include the amount for each pay run event and amounts for each subsequent payroll event, even if the amounts remain the same.
If you choose to provide your employee’s RFBA and RESC amounts at each payroll or update event, you’ll need to include the amount for each pay run event and amounts for each subsequent payroll event, even if the amounts remain the same.
OPTION 2- You can choose to provide RFBA and RESC amounts through an update event as part of the finalisation process at the end of the financial year.
If you have chosen not to provide RFBA and RESC amounts through STP, you’ll need to:
- provide employees with this information on a payment summary
- submit a Payment summary annual report to ATO.
How to report fringe benefits and super with STP
If you use Single Touch Payroll (STP), your end-of-year reporting may be different for recording your employee’s:
- reportable fringe benefits amount (RFBA)
- reportable employer super contributions (RESC).
Where year-to-date RFBA and RESC are provided through a payroll or update event during the year, you’ll need to report these amounts for each following payroll event, even if the amounts remain the same.
Alternatively, you may report these amounts through an update event as part of the finalisation process at the end of the financial year.
Guides from the ATO
- FBT – a guide for employers: Chapter 5 – Reportable fringe benefits
- Reportable fringe benefits – facts for employees
- Calculating your FBT
- Reportable employer super contributions – for employers
For more information on the benefits of an ERP System in simplifying the STP reporting process – SapphireOne ERP, CRM, DMS and Business Accounting Software Application. Alternatively, contact our office on (02) 8362 4500 or request a demo.
October 10, 2018 11:25 am | by Fiona
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