Item IT1 - Total reportable fringe benefits amount
See Income Test item 1 on the ATO website.
Reportable Fringe Benefits (RFB) amounts are entered at Item 1 at labels C to G and integrate to the IT1 labels N or W. If there are no RFB amounts entered at item 1, we'll tick the checkbox automatically.
If the taxpayer has received reportable fringe benefits of $3,773 or more, the amount must be shown at one or the other or both of these labels.
Do not enter amounts less than $3,773 as the amount entered here is used in the calculation of the taxpayer's Adjusted Taxable Income (ATI). A Warning message will be generated on F3 validation if the amount entered is less than $3,773.
When a Reportable Fringe Benefits amount is entered in the return, it is immediately stored in the Medicare Levy Surcharge worksheet (mls) Income test dialog.
If a change is required to the amount at labels N or W, click the required label to be returned to item 1.
Items IT1 to IT8 must have a value, even if zero. MYOB Tax will check IT5 and IT6 where income entered at various labels in the return have pre-filled the worksheets. For other items if there is no amount to be disclosed at these items, you must tick the checkbox for MYOB Tax to default a zero at those fields. F3 validation message V2721 will be generated if this has not been done.
To indicate a zero amount at labels N and W, select the checkbox.
CCH References
35-055 Reporting of benefits on payment summaries