Reportable Fringe Benefits | 2022 Gotax

Reportable Fringe Benefits and your Income Tax Return

RFBA, another abbreviation for you!

Reportable Fringe Benefits Amounts are reported on your Income Statement if you have been provided a benefit by your boss or your work lets you salary package.  These types of benefits include use of a company car, salary packaging a car, use of a corporate box at the footy (entertainment), or your boss pays your private health insurance, school fees or mortgage/rent payments. The total of all benefits provided must be over $2,000 to be reported on your Income Statement.

If your Income Statement includes an amount of Reportable Fringe Benefits this amount is declared in your tax return.  It is not included in your income for the year, so you don’t pay tax or Medicare on it.  However, this amount is added to your income for working out if you have to pay the Medicare Levy Surcharge, your HELP/HECS repayment amount, your private health rebate and various other tax offsets.  Centrelink also use this Reportable Fringe Benefits amount when working out your entitlement to Family Tax Benefit and other Government Benefits.

Hop to it and get your Income Tax Return done NOW, no waiting ... gotax.com.au

Scan the ultimate record keep tool .. Decution grabber ... or find out more..  https://deductiongrabber.com.au/

Disclaimer; this is general information only, subject to change and not to be taken as advice. Please discuss your individual circumstances with your accountant.