Review and Edit FBT Information for the Current Tax Year

(Australia only) Review fringe benefit tax (FBT) information for the current tax year, then add or delete codes as necessary.

Note: In order for EDL codes to appear on this tab, you must select either Reportable Fringe Benefits, Type 1 or Reportable Fringe Benefits, Type 2 from the ATO Category field when setting up codes on the PR Earnings Codes or PR Deductions/Liabilities forms (Addl Info tabs).

The following steps detail how to edit and/or add EDL codes to the FBT Info tab.

Tip: If you have previously set up a new tax year record, and you have created new FBT EDL codes, you can add them all to the FBT Info grid automatically by clicking Update FBT Info.

When preparing the first tax year record in the PR FBT Summary Process form, the system defaults earnings, deduction, and liability (EDL) codes associated with an FBT type on the FBT Info tab. You can then review the EDL codes and assign a category that determines where the FBT code details display on the PR Fringe Benefit Tax Return report (the 'Details of fringe benefits provided' section of the report). You can also add and delete codes from this tab as necessary.

When you save subsequent tax year records in PR FBT, the system will default the list of EDL codes from the previous tax year. Additionally, the system will default any new FBT EDL codes that you have set up since the previous tax year. If a previous tax year does not exist, the system will default all FBT EDL codes that have been set up in the system.

To edit and/or add EDL codes to the FBT Info tab of the PR FBT Summary Process form:

  1. From the FBT Type drop-down, select an FBT type: 1 or 2.
  2. From the EDL Type field, select the type of code it is: E-Earnings, D-Deduction, or L-Liability.
  3. Iin the EDL Code field, enter the code or press F4 to see a list of valid codes based on the type you specified in the EDL Type field.
    The system defaults the description of the code in the EDL Code Desc field.
  4. From the Category drop-down, select a category.
    Note: This field does not require that you select a category initially; however, the system will not allow you to generate reportable amounts for the FBT codes until you have selected a category for every item in the grid.
  5. Save the record as normal.
  6. If you need to delete an item from the grid, highlight the item record and click the Delete Record button in the toolbar.
    Note: If you delete a record and decide to regenerate the information on the FBT Info tab (by clicking Update FBT Info) prior to processing FBT returns for the current year, the system adds the codes back to the FBT Info tab as long as they are still associated with an FBT category (ATO Category field, PR Deductions/Liabilities or PR Earnings Codes form).