17.8 Other reductions in taxable value
A number of fringe benefits attract concessional treatment. The concession is a reduction in the taxable value of the fringe benefit that results in a reduced amount of FBT, or even no FBT being payable.
You calculate the taxable value of a property fringe benefit in accordance with the valuation rules explained in sections 17.2 to 17.4. Where the otherwise deductible rule applies, you then reduce the taxable value as explained in section 17.5.
If the fringe benefit is of a type that attracts any of the concessions listed below, you may then further reduce the taxable value. In some instances, special conditions must be satisfied before the concession applies, for example, keeping certain records.
The following is a list of reductions that may apply to property fringe benefits:
- remote area residential fuel
- remote area housing assistance
- relocation - meals
- in-house fringe benefits - tax-free threshold
- living away from home - food provided.
For more on the reductions, refer to Reductions in fringe benefit taxable value.