Reportable fringe benefits

You must report the value of fringe benefits provided to each of your employees on your annual fringe benefits tax (FBT) return.

If the value of certain fringe benefits provided exceeds $2,000 in an FBT year (1 April to 31 March), you must also report the grossed-up taxable value of those benefits on your employee’s payment summary for the corresponding income year (1 July to 30 June). These are called reportable fringe benefits.

You need to allocate the reportable fringe benefits to the relevant employee and include any fringe benefits provided to associates of the employee. The amount reported on the payment summary will not be included in an employee's assessable income or affect the amount of standard Medicare levy payable. The total will, however, be included in a number of income tests relating to certain government benefits and obligations.

Where employees share a benefit, you must allocate their respective shares individually. The total value of all benefits provided to a particular employee in an FBT year is known as their individual fringe benefits amount.

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Last modified: 23 Jan 2015QC 43879