RFBA reports
RFBA reports include several columns not included in workpapers. These columns are explained below:
- Reportable Taxable Value: The Reportable Taxable Value for an employee is the taxable value for benefits assigned to that individual. This excludes non-reportable benefits such as car-parking and meal-entertainment or other benefits shown as RFBA Excluded in a workpaper.
- RFBA: This is the Reportable Taxable Value multiplied by the applicable gross up rate. This is the number that should be placed on an employee's payment summary.
- Uncapped Amount: This is the Reportable Taxable Value multiplied by the applicable gross up rate, but with no capping applied. This figure is used by certain government and health departments and can be ignored by most users.
note
The benefits' description columns can be used to enable employees to identify benefits more accurately. It is common for some employees to receive multiple similar benefits, such as telephone reimbursements. Without an invoice number or other identifier the task of answering employee queries is much more difficult. The
Description
column is the ideal area to enter information for future reference.Related Content
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RFBA Reports and Letters
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