easyFBT 2016 (updated: April 2016)

April 2016 Release

The following changes and enhancements have been made in the April 2015 release of easyFBT 2016 (2016.1.0.4):

Fringe Benefit Tax (FBT) Return 2016 form

The ATO Fringe Benefit Tax (FBT) Return 2016 form has been added to this version and can be produced as a paper form for manual lodgement with the ATO as per prior years or when using the SBR Interaction Manager to lodge electronically.

Enhancements and other changes

Comparison Year-On-Year reporting

Comparison reporting is designed to provide a year-on-year comparison between prior year and current year results either as on-screen or as printable reports. Compare across Reconciliation, Fringe Benefits Provide and Employee Payment Summary (RFBA) reporting areas.

You can read more about these changes in our blog.

Forms Entities

Tax Advisors will now have the optional choice of purchasing and creating 'Forms' entities. These entities differ from standard entities in that the user enters final numbers for Q14-23 into the Preliminary: FBT Return page instead of workpapers.  These entities can be lodged in the same manner as standard entities.  Limitations of these entities include no entry into workpapers, no consolidation ability and very limited reporting.

Workpaper Import

We have added the ability to update import into all worksheets in the Motor Vehicle Dealer workpaper (Summary, Vehicles and Drivers).

Declarations

The Loan, Expense Payment and Property declarations have been updated for the new rules that now disallow the Greater than 5000 business km method choice.

 

December 2015 Release

The following changes and enhancements have been made in the December 2015 release of easyFBT 2016 (2016.1.0.3):

Product changes

We've created a brand-new product and workpaper especially for Motor Vehicle Dealers/Traders with specific vehicle pooling requirements.

 

October 2015 Release

The following changes and enhancements have been made in the October 2015 release of easyFBT 2016 (2016.1.0.2):

Enhancements and other changes

Export and Import Entity Wizards

Based on user feedback we've expanded the features of each wizard to now handle multiple files coming in or going out.  This will be useful for centralised head-office management users handling a larger amount of entities.  The following changes have been made:

  • Multiple entities can be exported to separate individual files automatically rather than in just one combined file
  • Bulk import multiple entity files at once rather than individually

You can read more about these changes in our blog.

 

September 2015 Release

The following changes and enhancements have been made in the September 2015 release of easyFBT 2016 (2016.1.0.1):

Enhancements and other changes

Data Sources (Enterprise licence)

When creating a new or connecting to an existing data source, on the finish screen you now have the option to automatically activate this data source when exiting the wizards. 

Administration

Where you have the need to change your easyFBT product key, you will now the prompted to restart the program automatically and apply your new licence without having to manually do this.

Properties and Settings

A new Rates and Thresholds (User request) tab has been added showing a summary of most non-editable rates and caps such as:

  • FBT rate
  • Gross up rates
  • Concessional capping rates
  • Statutory fraction

Previously available tabs for Engine Capacity and Indexation Factors have also been consolidated into this tab.

Workpapers

The following changes have been made:

  • In the Car Parking workpaper, changed the GST Creditable Benefit? default to Yes. (User suggestion)
  • In the Housing workpaper a new column Temporary Accommodation Concession Days? has been added.  This allows the occupancy days to be adjusted where an employee resided in temporary accommodation during relocation.
  • In the LAFHA workpaper, remove all related Transitional LAFHA Rules columns as they no longer apply
  • In the Loan (Repayment Schedule) sub-tab, where the Loan is a Custom loan allow users to change the Statutory Benchmark Interest Rate and Actual Interest Rate Charged on a row-by-row basis. (User request)
  • In the Car and Residual Non-Car workpapers (in Filtered mode) when finding a Registration using the Search function, identify vehicles which are not available for selection (sometimes users might have been looking for a specific vehicle which was not available but as it was not shown it was confusing).
  • In the Summary workpaper move the Benefit Area column to the first column. (User suggestion)

In-House Benefit Reduction Allocation Wizard

Where you choose to clear all In-House Benefit Reductions (ie. selecting no workpapers), you are no longer shown the How to Allocate panel.

Reporting

  • The Multiple-Driver Cars with an RFBA (Before reporting exclusion threshold) report has now been moved into the Validation reporting area. (User suggestion)
  • A new report called RFBA Reporting Employees Summary Report for Payroll (including TV of the RFBA) has been added which displays the Taxable Value of the RFBA calculation ie. RFBA (After Reporting Exclusion Threshold) / RFBA Gross Up (1.9608). (User request)

ATO Form validation

The Multiple-Driver Cars with an RFBA (Before reporting exclusion threshold) report is now included as a validation when displaying the ATO Form.

SBR Interactions Manager

The SBR Interactions Manager has been temporarily disabled. Once the 2016 taxonomy is released by the ATO it will be re-enabled in a future release.

General changes

As with each FBT year rates and other values are required to be updated.  The following changes have been made for the 2016 FBT year:

  • Updated FBT rate to 49%
  • Update Type 1 (2.1463), Type 2 (1.9608) and RFBA (1.9608) gross up rates.
  • Updated the Car Parking public holidays table with the 2015/16 state gazetted public holidays.
  • Updated Indexation rates for Housing.
  • Updated Cents per Km rates for Residual Non-Cars: 0 to 2500cc (51c), Over 2500cc (61c), Motorcycles (15c)
  • Updated LAFHA country codes and rates.

 

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