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:
“Look carefully through all the claims pressing upon you in your complicated life, and decide once and for all what it is that is the one really important and overmastering duty in it, and should be the one dominating aim. Then remember that if you succeed in that, the others, so multifarious, are really no more than the fringe of the garment, and that you need not spend so much anxiety over them, provided that the one most important is faithfully attended to.”
—Anna C. Brackett (1836–1911)
“It is with benefits as with injuries in this respect, that we do not so much weigh the accidental good or evil they do us, as that which they were designed to do us.—That is, we consider no part of them so much as their intention.”
—Laurence Sterne (1713–1768)