Different types of benefits are listed separately in the fringe benefit tax (FBT) taxable value calculation. This means you need to keep separate records for the different types of fringe benefits you provide employees.
Your records must show the following details:
- date of the transaction
- name of the employee receiving the benefit
- a description of the benefit provided
- any cost to employee
- cost to the employer for goods
- normal market price for services
- highest price charged to the general public for subsidised transport.
You should also keep tax invoices, where appropriate.
Last updated: 18 Jun 2021