C – Loans granted

Item C is the number of loans you made that gave rise to taxable fringe benefits and the taxable value of those benefits.

Therefore, do not show the amount of the actual loans in the 'Gross taxable value (a)' column.

Example: Calculate loan fringe benefits granted

An employer lends an employee $20,000. The employer does not charge interest and the employee makes no repayments during the FBT year.

Using the benchmark interest rate, the calculation is as follows:

$20,000 x 5.95% = $1,190

The employer shows this at item 23 as follows:

End of example
Last modified: 27 Mar 2015QC 44652