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  • Amounts reported on your income statement or payment summary

    The reportable fringe benefits amount (RFBA) is:

    • the grossed-up taxable value of the reportable benefits
    • for benefits provided in the previous fringe benefits tax (FBT) year (1 April to 31 March)
    • shown on your income statement (through ATO online services in myGov) or payment summary
    • for an income tax year (1 July to 30 June).

    The RFBA for the year ending 30 June 2020 is the grossed-up taxable value of the reportable benefits provided from 1 April 2019 to 31 March 2020.

    Your employer calculates your RFBA by:

    • multiplying the taxable value of the reportable fringe benefits, by
    • the lower gross-up rate.

    For the FBT year ending 31 March 2020, the lower gross-up rate is 1.8868.

    For example, if the taxable value of your fringe benefits is $2,000.00, the calculation is $2,000.00 × 1.8868 = $3,773.

    The RFBA reflects the gross salary that you would have to earn to purchase the benefit from your after-tax income.

    Example: working out amounts for income statements or payment summaries

    Tim's employer provides him with a work car in the 2020 FBT year (between 1 April 2019 and 31 March 2020). The taxable value of Tim's car fringe benefit is $2,500. Tim and his partner also stay in the company's coastal accommodation several times a year. This has a taxable value of $800. These fringe benefits are both reportable.

    The taxable value of Tim's fringe benefits is $2,500 + $800 = $3,300. The grossed-up taxable value of these benefits will appear on his income statement or payment summary for the income year ending 30 June 2020.

    The lower gross-up rate for the 2020 FBT year is 1.8868. The grossed-up amount reported on Tim's income statement or payment summary is $6,226. This is calculated as follows:

    Total taxable value × 1.8868

    = $3,300 × 1.8868

    = $6,226.

    End of example

    See also:

    Employment finished between 1 April and 30 June

    If you finish employment between 1 April and 30 June and received fringe benefits during this time, your employer must show the RFBA for the income tax year ending on 30 June in the following year. If your employer reports through Single Touch Payroll, the fringe benefits you received between 1 April and 30 June will be recorded on your income statement through ATO online services in myGov for the following year. Or it will be recorded on your payment summary.

    As the FBT year ends on 31 March, your employer can't report any fringe benefits they provide between 1 April and 30 June until the following 31 March. This means you may have a RFBA from a former employer even though you won't receive any salary or wages from them in that income year.

    Your employer has until 14 July following the end of the income year covered by the income statement or payment summary to provide you with this information. They do this by finalising their Single Touch Payroll data to generate your income statement through ATO online services in myGov. Or they can provide you with a payment summary.

    You need to report the RFBA from your former employer from the earlier income year on your individual tax return at Label IT1.

    Example: Finishing employment

    Joan finishes employment with her employer on 15 May 2020. From 1 April 2020 to 15 May 2020, she receives fringe benefits from that employer with a reportable value of $4,000.

    Joan's employer is required to report this reportable fringe benefits amount on Joan's income statement or payment summary for the income year ending on 30 June 2021. They have until 14 July 2021 to finalise their Single Touch Payroll data or issue the payment summary.

    Joan records the RFBA of $4,000 on her income tax return at Label IT1 for the year ending on 30 June 2021.

    End of example

    See also:

    Last modified: 24 Dec 2020QC 58428