Reportable Fringe Benefits
Although FBT is paid by the employer, the benefits received by the employee must also be reported by the employer on the employee's PAYG payment summary (formerly known as group certificate) as reportable fringe benefits if the benefit exceeds $2,000. While the reportable fringe benefits are shown on the PAYG payment summary and on the employee's tax return, they are not counted in the employee's income subject to income tax.
The amount reported is the "grossed-up" taxable value of benefits received by the employee or an employee's associate (e.g., a relative) in the FBT year which ends on 31 March of each year.
Read more about this topic: Fringe Benefits Tax (Australia)
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