Legislative reference: section 58RExternal Link of the FBTAA.
An award genuinely related to occupational health or occupational safety achievements that is granted to an employee is exempt from tax if its value doesn't exceed $200. Where you grant more than one award to an employee during an FBT year, each award is exempt, provided the aggregate value of the awards doesn't exceed $200 – for this purpose, the value of the award is the amount that would be the taxable value if the award was a fringe benefit.
Where the $200 limit is exceeded, no part of the award (or awards) is exempt.
You don't need to keep specific records of awards to individual employees if you can conclude on a reasonable basis that the value of any awards granted to an employee will not exceed the $200 limit.