How does Fringe Benefits tax effect my Tax Return

I have an amount of Reportable Fringe Benefits on my Payment Summary - WTF is that?!

Some people are lucky enough to get benefits provided to them outside their normal wages.  These are called Fringe Benefits.  Not all benefits are reportable for tax purposes, so if you receive a benefit that is not shown on your payment summary then don’t panic.  The most common reportable fringe benefits are:

• Being able to use a business car for private purposes

• Entertainment

• Car parking

You do not have to pay tax on these benefits.  However, they may affect other parts of your tax return such as Medicare Levy surcharge, private health insurance rebate, compulsory HELP repayment, and certain other tax offsets.  They will also come into play with calculating your family assistance payments from Centrelink and how much your income is for Child Support purposes.

If your Fringe Benefits are on your payment summary, and your employer has done the right thing and submitted your payment summary to the ATO, they should automatically prefill into your e-tax return. If they are on your payment summary and haven’t prefilled into your e-tax return, enter the figures provided into the space provided - it's that easy!

Confidently complete your tax return online with GoTax, we will review and check it before we lodge for you!

Quick Tax Return $10, Income Tax Return with the lot $49 and if it’s your first time, you can do it for FREE!

Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.