Property benefit workpaper
A property benefit generally arises where an employer provides (by way of sale, gift, declaration of trust or otherwise) property (via the disposition of the legal ownership or the beneficial interest) to an employee or an associate of the employee at no cost or at a discounted price.
To open the Property Benefits workpaper, select
Benefits
, then Property
from the navigation bar. The Workpaper Interface
ONESOURCE Fringe Benefit Tax provides several features that help you find information and let you organise your workspace so that it works best for you.
Customising the Grid
Some columns are hidden by default, and you can select the columns you want to show or hide. To show a hidden columns select the gear icon 
in the upper right corner and check the checkboxes next to the columns you want to show.
in the upper right corner and check the checkboxes next to the columns you want to show. You can also move and resize columns.
Toolbar Ribbon
The icons on the toolbar ribbon above the workpaper provide options for working with the workpaper.
- Delete:Select one or more rows in a workpaper and use theDeletebutton to delete individual rows.
- Delete All: Use theDelete Allbutton to delete all rows on all pages of this workpaper.
- Schedule:Select an item on the grid, then select theSchedulebutton to open the Loan Schedule wizard.
- Upload:If you select theUploadbutton, a menu opens that lets you upload the workpaper or loan schedule.
- Select All:Use theSelect Allbutton to select all rows in the workpaper.
- Save Layout:If you have customised the order of your columns, or have shown or hidden certain columns, you can use theSave Layoutbutton to lock these choices.
- Reset Layout:If you want to revert to the default column ordering and display, use theReset Layoutbutton.
- Attachments:You can select theAttachmentsbutton to attach document, such as supporting evidence or reference information. You can also use this button to download or delete and attachment.
- Export:Use theExportbutton to export workpaper data.
- Refresh:Data is validated as you enter and is saved when you select theRefreshbutton or move to the next row.
- Recalculate:The software automatically calculates and applies in-house benefit reductions, exemptions and rebates to individual benefits, and displays these in the benefit workpapers dynamically. If you have made changes to a workpaper, select theRecalculatebutton to force recalculation of changes to this benefit only. If you have large amounts of data recalculating can save time.
- Freeze Columns:You can freeze columns to the left of view by selecting a column and then selecting theFreeze Columnsbutton. All rows to the left of the selected row will stay in view while all columns to the right will move with the scroll bar.
- Audit:Select theAuditbutton to show the user, time, and date stamp of any manual changes in the workpaper.
- More: ;Select theMorebutton to show additional options for this workpaper.
Workpaper Details
Workpaper tab details
Column heading | Description |
Employee | Required. However, for non-reportable benefits the ID is not mandatory. |
Cost Centre | The cost centre defaults to the employee's cost centre as allocated in the Employee workpaper or to the default cost centre for non-reportable benefits. |
State | Defaults to the employee's default state in the Employee workpaper. You can use the dropdown menu to select a different state. |
Description | A short description of the benefit provided (max 255 characters). |
Date Provided | A mandatory item. Insert the date the benefit is provided by the employer. The date must be within the current active FBT period.
Required |
Benefit Classification | Defaults as External and can be changed to In-house if applying the $1,000 in-house reduction. |
In-House Calculation Method | If using the In-house reduction, specify the calculation method to Wholesale or 75%. |
Gross up rate | In most cases this will default to 'Type 1', you can change selection this via the dropdown menu. |
Amount | A mandatory item. The value of the benefit provided.
Required |
Add GST? | Defaults as 'No'. Select 'Yes' to add GST. |
Amount with GST | A calculated value. |
Business % | This is the percentage of the benefit which relates to business. Defaults as '0'. |
Business Amount | This is calculated as value of the benefit multiplied by business percentage. |
Exempt Benefit? | Defaults to No . Can be toggled to Yes in cases where you have determined the benefit is FBT exempt. |
Remote Area Benefit Type | Defaults to 'N/A'. Options are 'Residential Fuel', 'Housing Related', 'Holiday Transport', and 'Other'. In each case except Other and N/A, the 'RFBA Excluded?' column option will amend to 'Yes' when the option is selected. |
RFBA Excluded? | Defaults to No . Can be toggled to Yes in cases where you have determined the benefit is an excluded RFBA. |
Concession Amount | Where an employer reimburses a concessional amount the reduction available can be entered in this column. Note: this column is not to be used for in-house reductions. |
Employee Contribution | This represents the amount contributed by the employee in return for the provision of the benefit, which will reduce the taxable value of the benefit. The contribution is the GST-inclusive contribution. Value cannot be negative.
note
The employer is required to remit GST to the ATO on the value of the employee contributions received when the provision of the benefit is a taxable supply. |
Employee Contribution Applied | This is the employees contribution, capped at the benefit Gross Taxable Value. This is calculated as GTV - EC (capped at GTV). The cap exists as benefit values can not be less than $0. Used for reconciliation with label 23, column (b) on the FBT Form. |
Excess Employee Contribution | A calculated value of the amount of the excess employee contribution that exceeds grossed-up taxable value. |
In-house Reduction Applied | For any benefit you nominate as an in-house fringe benefit, this column displays the portion of the $1,000 reduction to taxable value that can be applied to that benefit. The value applied also takes into account other in-house benefits this employee may have received in this or the other workpapers where in-house reduction can apply. |
Value of Reductions | This is a calculation of the total of the reductions that can be applied on this row. Used for reconciliation with label 23, column (c) on the FBT Form. |
Taxable Value | This is a calculation of the taxable value for this benefit row. Used for reconciliation with label 23 on the FBT Form. |
Grossed up Taxable Value | Calculated value depending on gross up rate selected |
Reportable Value | Calculated value of reportable fringe benefits taxable value for this benefit. The value shown is capped at the applicable threshold and will display 0.00 until the employee exceeds this cap. The capping test is across all relevant benefit workpapers. |
Tax Payable | Calculated value of FBT payable for this benefit. |
Exemption Applied, $17,000 Cap | Represents the amount of 17,000 cap used. |
Grossed up Taxable Value, $17,000 Cap exceeded by | Represents the amount by which a person exceeded their 17,000 cap. |
Tax Payable $17,000 Cap Applied | Represents FBT payable as a result of exceeding the 17,000 cap. |
Exemption Applied, $30,000 Cap | Represents the amount of 30,000 cap used. |
Grossed up Taxable Value, $30,000 Cap exceeded by | Represents the amount by which a person exceeded their 30,000 cap. |
Tax Payable $30,000 Cap Applied | Represents FBT payable as a result of exceeding the 30,000 cap. |
Standard Category | Can select standard categories created for this benefit workpaper. Defaults as blank. |
GST % | A read-only display value |
Benefit ID | An autogenerated ID used in benefit tracking reports. |
Reporting Entity | Defaults to the currently filtered reporting entity code and name |
Checklist tab details
Checklists present questions that you should answer or issues that you should consider while preparing your FBT return. At the end of each checklist, you can click into the information to add comments or sign off on the workpaper.
Notes tab details
The
Notes
tab provides an area where preparers and reviewers can record information. The format bar lets you apply styles and formatting to notes, similar to applications such as Microsoft Word. You can also insert images and hyperlinks and can print notes.