Reportable fringe benefits

This information forms Chapter 5 of Fringe benefits tax - a guide for employers. Remember, a fringe benefit may be provided by another person on behalf of an employer. It may also be provided to another person on behalf of an employee (for example, a relative).

You (the employer) have to record the value of fringe benefits provided to each of your employees. If the value of certain fringe benefits provided exceeds $2,000 in a fringe benefits tax (FBT) year (1 April to 31 March), you will be required to record the grossed-up taxable value of those benefits on your employee’s payment summary for the corresponding income year (1 July to 30 June). You may also have to report the notional value of certain exempt benefits.

Before 1 April 2007, the fringe benefits reporting exclusion threshold was $1,000.

5.1 Benefits included in the reporting requirements

The value of all fringe benefits other than excluded fringe benefits (refer to section 5.2) must be allocated to the relevant employees.

You must allocate to the relevant employees the notional taxable value of benefits that are exempt solely because an employee works in or for a public benevolent institution, a health promotion charity, a hospital, a public ambulance service and/or is a live-in residential care worker (refer to section 20.5 of Fringe benefits tax exempt benefits). These benefits are known as quasi fringe benefits. The exemption from the requirement to pay FBT in relation to such benefits continues to apply.

Any references in this chapter to 'taxable value' and 'fringe benefits' include 'notional taxable value' and 'quasi fringe benefits' respectively.

The value of benefits exempted by other provisions (refer to Fringe benefits tax exempt benefits) is exempt from these allocation and reporting requirements.