FRINGE BENEFIT CATEGORIES

The following categories of fringe benefits apply, with specific valuation methods applicable to each category:

• Board - meals provided to an employee and family members, where the employer provides accommodation and at least two meals a day
• Car - a car made available for the private use of an employee or associate (car benefits can be valued using either the statutory formula or operating cost methods)
• Car parking - a car parking space provided for use by an employee or associate, on either the employer's premises or in a commercial car parking station
• Debt waiver - releasing an employee or associate from an obligation to repay a debt
• Income tax exempt body entertainment - FBT is payable by income tax exempt employers on entertainment provided to an employee or associate by way of food, drink or recreation
• Expense payment - paying or reimbursing a private expense incurred by an employee or associate
• Housing - accommodation provided that is an employee's or associate's usual place of residence
• Living-away-from-home allowance - a cash allowance paid to compensate an employee for increased costs, because the employee's duties require them to live away from their usual place of residence
• Loan - a loan provided to an employee or associate either interest-free or at a discounted interest rate
• Meal entertainment - entertainment provided by taxable employers by way of meals to an employee or associate
• Property - goods provided to employees either free or at a discounted price
• Residual - any fringe benefit (as defined) that does not fall into one of the specific categories