Housing fringe benefits

A housing fringe benefit arises where an employee is provided with the right to use a unit of accommodation and it is the usual place of residence of the employee.

Where a house that is provided as a housing fringe benefit is owned by the entity, it will generally be recorded in the entity's fixed asset register. If the house is leased by the entity, it may be identified through a rental expense code in the general ledger.

Entities should review prior year FBT returns and determine whether housing fringe benefits that were provided in prior FBT years continue to be provided in the current FBT year.

    Last modified: 17 Jul 2012QC 21998