ACCT2331 Chapter Notes - Chapter 24: Employee Stock Ownership Plan, Housing Benefit, Cost Basis
Document Summary
24. 1 introduction [p664: fbt is a separate commonwealth tax payable by employers on fringe benefits (include most non-salary benefits) provided to their employees, even though employees do no pay fbt but fringe benefit amounts recorded on their. Payg summaries is taken into account when calculating their reportable fringe. Benefit total" which affects their liability to mls, help repayments etc. Reconciling income tax with fbt [p664: to prevent overlap between the income tax and fbt laws (double-tax), the following reconciliation rules apply: Income which is a "fringe benefit" under the fbtaa is non-assessable non-exempt income (s 23l (1) itaa36) Income which is an "exempt benefit" under the fbtaa is generally exempt income (s. 24. 3 fringe benefits [667: definition in s136 fbtaa, broad definition of benefit": include any right, privilege, service or facility, positive limbs: "fringe benefit" arises where: A benefit is provided during a year of tax.
