If you work for a non profit and are in the process of preparing PAYG summaries for your employees, you may be wondering how to treat the exempt FBT portion that is paid to a nominated third party on behalf of your employees. If your non profit has been recognized by the ATO as a PBI (public benevolent institution), your employees are eligible to sacrifice $16,050 in real dollars which translates to $30,000 grossed up for FBT purposes (the gross up rate is 1.869).
This is how you set up the PAYG summary in MYOB. You need to NET the Salary Sacrifice Deduction with the Gross Wages:
And then, on the RFBT (Reportable Fringe Benefit Screen) you must report the GROSSED UP amount of exempt FBT:
Please give us a call here at CloudCounting if you need some on site help to assist you with preparing your PAYG Summaries. You can call us on 04 266 CLOUD or click here to book an appointment!