Fringe Benefits Tax (FBT) Accounting Advice

Fringe benefits are generally considered to be perks of the role that fall beyond the scope of salaries and bonuses and are intended to incentivise employees. Some of the most common types of fringe benefits include:

·  Vehicles for personal use under a novated lease agreement

·  Discount on loans or other financial products

·  Gym memberships and health benefits

·  Private health insurance (paid or partially subsidised)

·  Subsidised childcare costs

·  Subsidised entertainment or holiday expenses

·  Subsidised housing or rental agreements

Items that you need to do your job such as a company car or mobile phone may considered a “perk” but by virtue of the fact that they are necessitated to perform your job, they are not deemed to be a fringe benefit.