| Subject: | New format for Fringe Benefit Tax Return F |
| Summary: | Hi Sanjay, There is a new form for Fringe Benefit Tax Return F. This needs to be built in our system under "Tax Deduction Report" with F format. Below are the required changes in the report. Attached is the new file format on the case | Number | Description | Contents / Changes | | 1 | Net Value of Benefits subject to VAT | Figures subject to Line 11, would be the Benefit, that is Vat able. Example: · Vehicle · Housing – if rent is VIP Say Benefit are as follows: 1. Motor Vehicle - $2,874 2. Housing (VIP) - $12,000 Line 11: Ø $2,874 + $12,000 (Add only Vat able Benefit) Ø $14,874 x VAT fraction (9/109) (Ans apply VAT fraction) Ø $14,874*9/109 Ø $1,535.16 @ Qtr (Ans to line 11) | | 2 | Gross Value of Benefits | Change Box number from 11 to 12 | | 3 | FBT Payable | Change Box number from 12 to 13 |
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| Audit Notes: | |
| 16 May 2017 | 09:15AM Comment 1 by Sanjay (Link Technologies) Assigned To: Rashna (Edge Business Solutions) Followup Date: 16-05-2017 09:15 AM Time Taken: 1.00 |
| Hi Rashna, can you bring this to development meeting. We currently do not have a way to specify if a benefit it taxable or not. We do not have VAT tax rate as well. These have to be designed before this report can be modified.
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| 16 May 2017 | 10:41AM Comment 2 by Sanjay (Link Technologies) Assigned To: Karishma Kartika Devi (Link Fiji) Followup Date: 16-05-2017 10:41 AM |
| Assigned to Karishma to gather more information on how we can fit this into the software. |
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| 17 May 2017 | 10:38AM Comment 3 by Karishma Kartika Devi (Link Fiji) Assigned To: Alvis (Link Technologies) Followup Date: 23-05-2017 12:00 AM Time Taken: 2.00 |
| ---------- Forwarded message ----------
From: Ana Vataleba Yacadra <ayacadra@frca.org.fj>
Date: Wed, May 17, 2017 at 11:15 AM
Subject: RE: FBT Form - Box No. 11 Clarification
To: Karishma Devi <karishma@linktechnologies.com.au>
Hi Karishma,
As per email below, please find attached FBT return calculated from the following scenario: Motor Vehicle Benefit - 2000cc - company and personal use Mobile Phone Benefit - $500 VIP - company and personal use Calculations are 479 + $500 = $979 x 9/109 = $80.83 – Box 11 of FBT & Line 5 of VAT return. For motor vehicles with engine capacity of 2000cc, the value per quarter is 958. We apportioned the value to 50% official and 50% personal which gives 958 x 0.50 = 479. The Vatable items on the FBT returns are Motor vehicle, private expenditure, property, meals/refreshments & residual. Housing will only be vatable if the landlords thresholds from rental income exceeds $100,000 per year. The non-vatable items are debt waiver, household personnel & loan. Thanks, Ana Vataleba Yacadra
Assessor P A Y E, Taxation - Revenue Collection
- The design can be as such that the above mentioned benefits can be classified into vatable and non-vatable in Linksoft as classified by the FRCA officer.
- At employee level, whichever benefit is assigned to the employee will be known by the system to be vatable or not based on the above.
- The Vatable Benefits of the employee should be multipled by x9/109 giving Net Value of Benefits subject to VAT for each employee.
- When the Fringe Benefit Tax Return form is generated for a quarter, the Net Value of Benefits subject to VAT calculated as per no. 3 should be accumulated for all employees who fall under this category for the related quarter.
Regards Karishma |
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| 18 May 2017 | 10:09AM Comment 4 by Alvis (Link Technologies) Case 8539 added to project 8.13 |
| 20 Jun 2017 | 02:24PM Comment 5 by Sanjay (Link Technologies) Assigned To: Development Followup Date: 20-06-2017 02:24 PM Time Taken: 2.00 |
| Design for this change as follows: - Add a checkbox in paycode maintenance (tax tab) called "Benefit Is Taxable" See figure 1
- Add a dropdown in paycode maintenance (tax tab) called "Benefit Type" See figure 2
- Change the tax form to output based on the above two configuration
- Use the global configuration (Web~> Company maintenance) to use sales tax rate.
Figure 1: Paycode maintenance
Figure 2: List of benefit types (include other)
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| 26 Jun 2017 | 11:37AM Comment 6 by Sanjay (Link Technologies) Assigned To: Development Followup Date: 26-06-2017 11:37 AM Time Taken: 4.00 |
| Development work for this case has been completed. The change will be available in version: 8.13 Documentation update required(Yes/No. Add change details below): Yes QA required(Yes/No.Include areas that require testing): Yes
The following changes were made(Include Database object names, Program classes and any other relevant information): - Added Benefit Is Taxable and Benefit Classification to Paycode Tax tab
- Changed Fringe Tax return form to base calculations from 1. above
- Changed "New Company Create" process to automatically assign benefit classification to the new company.
- Added data conversion script to upgrade to assign benefit classification.
Documentation details:
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| 03 Jul 2017 | 03:28PM Comment 7 by Sanjay (Link Technologies) Assigned To: Rashna (Edge Business Solutions) Followup Date: 03-07-2017 03:28 PM Time Taken: 1.00 |
| System test completed, please proceed with UAT. |
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| 05 Jul 2017 | 04:34PM Comment 8 by Fariha Kauser Tafsil (Link Fiji) Assigned To: Sanjay (Link Technologies) Followup Date: 05-07-2017 04:34 PM Time Taken: 1.50 |
| 1. Was this test completed using Demo / New / Other database? Demo 2. Did the test pass or fail? Pass 3. Tab order, spelling, alignment, font size consistency, screen size etc checked? NA 4. Data verified, saved, edit, delete/void? NA 5. Documentation update required? Yes
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