There are 5 main types of fringe benefits. 4 types of fringe benefits are classified in legislation and the other type is unclassified benefits. The types classified in legislation are:
- motor vehicles available for private use
- low interest/interest free loans
- free, subsidised or discounted goods and services
- employer contributions to sick, accident or death benefit funds, superannuation schemes and specified insurance policies (excluding employer contributions to superannuation schemes liable for ESCT (formerly SSCWT).
You need to work out the taxable value, the actual cost to be able to calculate fringe benefit tax. How you work this out depends on the type of fringe benefit and who you give it to.
Last updated: 21 Sep 2020