I work for a not-for-profit organisations which is exempt from FBT under section 57A etc) and in the last financial year my gross salary was $98241. Between July 2020 to June 2021, I packaged an everyday expenses card $15,900 (I started packaging it in January 2020). Between August 2020 to June 2021 I packaged a meals and entertainment card $2650. Between July 2020 to Decmeber 2020 I also packaged an e-bike, paying $223 per fortnight to ebike leasing company (I started packaging it in January 2020). My finalised income statement for 20/21 says my gross payment is $79000 and reportable fringe benefits are $33,248. However, when I total the deductions made in my payslips, the amount packaged is $21,256. Only if I total all my salary packaged deductions between January 2020 and June 2021, does a figure come close: $31,396. I have reported to Centrelink that my salary for the financial year would be $80000 and my FBT would be $22,000. How can I accurately report my income?
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The reportable fringe benefits amount (RFBA) shown on your payment summary is a grossed up amount, details are included under the heading 'Calculating reportable fringe benefits amount' on this page. Also the RFBA is calculated for each FBT year i.e. from 1 April to 31 March.
As your employer is eligible for the section 57A FBT exemption, the grossed-up RFBA amount is discounted (reduced by 47%) for Centrelink income tests. You just need to confirm with Centrelink that you are reporting the correct amount.
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The reportable fringe benefits amount (RFBA) shown on your payment summary is a grossed up amount, details are included under the heading 'Calculating reportable fringe benefits amount' on this page. Also the RFBA is calculated for each FBT year i.e. from 1 April to 31 March.
As your employer is eligible for the section 57A FBT exemption, the grossed-up RFBA amount is discounted (reduced by 47%) for Centrelink income tests. You just need to confirm with Centrelink that you are reporting the correct amount.