Fringe Benefits
A benefit is a benefit in respect of employment – a benefit provided to somebody because they are an employee. The 'employee' may be a current, former or future employee, and treatment of the benefit will be the same whether it is received directly by the employee or by associate of the employee.
There are several specific 'types' of benefits listed in the legislation, including car fringe benefits, loan fringe benefits, housing fringe benefits and others. For each fringe benefit type, one or more methods is prescribed for determining the taxable value of the benefit.
Read more about this topic: Fringe Benefits Tax (Australia)
Famous quotes containing the words fringe and/or benefits:
“In the Japanese
tongue of the
mind’s eye one
two syllable word
tells of
the fringe of rain....”
—Denise Levertov (b. 1923)
“When your parents are in political life, you aren’t normal. Everybody talks about the benefits, but I don’t know what the benefits are.... But I’d rather have that kind of mother than an overweight housewife.”
—Katherine Berman Mariano (b. 1957)