Creating a binder

For a full guide of how to create and set up a binder, see the knowledge article: How to create a binder. If you want to have the ledger data available to reference, be sure to connect your binder to your client's accounting file in the binder creation process.   

When creating the binder it is also important to select the correct dates, being the FBT year not standard financial year. This value can also be edited in 'Binder Details' in the 'Settings & Tools' menu if necessary.

Employees summary worksheets

The purpose of the employee worksheets is to provide a summary of the benefits per employee, as well as the reportable fringe benefit amount to be entered on the employee PAYG payment summaries at year end.

Simply click Accept on the EMPS Employee Summary worksheet in the Summary Worksheets section to add it to your binder. Give the summary a title (mandatory), being the employees name, so they can be distinguished from one another in the calculation sheet dropdowns.  

Note: Be sure to add one EMPS Employee Summary worksheet per employee. You will be prompted with another EMPS Employee Summary to accept or reject. Continue to accept these until you have one worksheet for each employee.

After completing the benefits worksheets (see section below) and selecting the Refresh button, all worksheets attached to this employee will flow through to their employee summary.

Benefits worksheets

The benefits worksheets provide the calculation of taxable fringe benefits and/or any employee contribution amounts required to be offset against the taxable fringe benefits.

Under the Worksheets section add all of the required templates and select the relevant employee on each template from the dropdown list. Simply click Accept to add that worksheet to your binder or click on the + Add Record button to search for other templates available.

Note: Add one sheet per benefit per employee for most of the benefits, with the exception of FB03 Car Parking Fringe Benefits, FB16 Simplified Car FBT, FB05 Meal Entertainment Benefits, and FB20 Multi-Car Fringe Benefits.

Complete the worksheets, ensuring that all the necessary labels have been completed to flow through to the summary. Most of the Business Fitness worksheets have tips to help you fill in the correct data. Simply click on the cell you need to fill in and if a tip is available it will pop up in a yellow box.

Note: Cells that can be filled in are coloured in light grey. Cells in dark grey will automatically fill based on the data you provide in the light grey cells or from other sheets.

In order to populate the employee summaries, click the Refresh button. This button is located at the top of all the benefit and employee summary worksheets.

FBT instalments

To calculate the correct FBT amount due/refundable, ensure that you have included any instalments made during the year. To do this, click + Add Record in the Worksheets section and choose Record Template. 

Search for the FB17 FBT Instalments Paid worksheet, ensuring no categories are selected. 

Click Next Step, then Save and Close.

Enter the instalments into the relevant quarters. 

The total amount will flow through to the FB18 FBT Summary worksheet. 

FBT summary

Lastly, the FB18 FBT Summary worksheet will assist you in preparing the FBT return for the client. The first section of the worksheet summarises the data from all the worksheets previously completed and will provided a final amount payable/refundable. 

The amounts making up the summary can be found in the Item 23 - Details of fringe benefits provided section below the summary. From here you can click on the blue arrow next to the relevant item to be taken to the associated worksheet that shows the detailed makeup of the total. You will need to enter the relevant figures in the Number column.

Checklist

Please note that there is a binder checklist that can be used to ensure that you have completed everything relevant to your job. This can be inserted in the Overview section of the index by clicking Accept. 

Templates available in the Fringe Benefits Tax binder