A fringe benefit is a 'payment' to an employee, but in a different form to salary or wages. Benefits include rights, privileges or services. Fringe benefit is provided to the employee when the employer allows an employee to use a work car for private purposes or reimburses an expense incurred by an employee, such as school fees. Through this activity, you can specify the fringe benefit value against a fringe benefit reference item and indicate the computation basis.
Through this activity, you will be able to do the following:
To record fringe benefits rates and threshold details, select Statutory → Australia Statutory Master Setup → Fringe Benefits Rate and Thresholds from the Business Process menu.
Choose an Option from the Australia Statutory Setup Unit combo. The system displays the Currency of the selected OU.
In the Fringe Benefits Rates and Thresholds multiline, enter the Value against a FBT Reference Item.
Choose an Option from the Indicator combo to specify the basis for calculating the benefit rate.
In the Modification Details section, choose Update option from Modification Option combo to save the details with the current effective date.
Enter the New Effective From date to validate the records.
Enter relevant Remarks that pertain to the fringe benefits.
Click Submit to save the details.
To modify fringe benefits rates and threshold details, select Statutory → Australia Statutory Master Setup → Fringe Benefits Rate and Thresholds from the Business Process menu.
Choose an Option from the Australia Statutory Setup Unit combo. The system displays the Currency of the selected OU.
In the Access History section, choose the Effective Period combo to access the history with the effective dates.
The system retrieves and displays entire details of the fringe benefits rates and thresholds. Make required modifications to the data displayed. Refer Fields in this Screen topic for an explanation of the fields displayed.
In the Modification Details section, choose Correct option from Modification Option combo to save the modified details with the current effective date.
Note: Modification Option: While modifying the rate master, you can use one of the two available modification options viz., “Correct” and “Update”. If you choose the Correct option, the changes you make will come into effect in the existing record itself. If you choose the Update option, the system closes the existing version of the record and will create a new record containing the changes you make. You are to specify a new effective date, which will become the effective date for the new record.
Enter relevant Remarks that pertain to the fringe benefits rates and thresholds.
Click the Submit to save the modified fringe benefits rates and thresholds.
|
Field Name |
Description |
Type |
Editable |
Field Length |
Mandatory |
Remarks |
|
Australia Statutory Setup Unit |
Choose the Australia Statutory Setup Unit for which the fringe benefits rate has to be defined. |
Combo |
Yes |
|
Yes |
Corresponding OU names are loaded in the Australia Statutory Setup Unit combo based on the Component Interaction Mapping available in the database. |
|
Currency |
The currency of the login OU. |
Textbox |
No |
40 |
No |
|
|
Access History section |
||||||
|
Effective Period |
The option that indicates the effective period for the fringe benefit rate slab. The combo displays the latest values by default. |
Combo |
Yes |
|
No |
Use the drop-down values to view previous ‘history data’. |
|
Fringe Benefits Rates and Thresholds |
||||||
|
FBT Reference Item |
The fringe benefits reference item for which the tax exemption is applicable. |
Textbox |
No |
40 |
Yes |
|
|
Value |
The fringe benefit exemption value. |
Textbox |
Yes |
15 |
Yes |
|
|
Indicator |
The option that indicates the basis for computing the exemption value. |
Combo |
Yes |
|
Yes |
The options are “Amount”, “Percentage” and “Rate”. |
|
Modification Details section |
||||||
|
Modification Option |
Choose the action that you want to perform. The options are Correct and Update. |
Combo |
Yes |
|
Yes |
If you choose Update then the system closes the existing details. You should mandatorily enter the New Effective date from which the details will become effective. |
|
New Effective From |
The new effective date of updated records from when the entries become valid. |
Textbox |
Yes |
|
|
|
|
Remarks |
Any remarks or additional modification information regarding the fringe benefits rate details. |
Textbox |
Yes |
250 |
NA |
|