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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2020 FBT Basics Reportable fringe benefits
In this chapter of the notes we look into reportable fringe benefits. In particular, the following broad headings:
• Which fringe benefits are reportable?
• How to calculate an employee’s RFBA
• Recording an RFBA on the payment summary
• Allocating the taxable value of shared benefits
• Penalties for failing to report RFBAs