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Expense Payment Benefit
An expense payment benefit arises where an employer pays or reimburses private expenses incurred by employees, including directors.
Examples of such expenses include:
 Children’s school fees- Private telephone accounts
- Electricity, gas (heat & power)
- Insurance premiums
- Drivers licence
- Holiday transport
- Home office computers
- Rates and land taxes
- Medical and health benefits
- Travel/credit cards
- Mortgage/loan payments
- Other - please ask us if you have any queries
In most cases, where the employee would have been allowed a “once only” tax deduction for the expense if the employer had not paid or reimbursed it, then the taxable value is reduced to the extent it is deductible.
We will need the following details in relation to expense payment fringe benefits:
1. The name of the employee for whom it was paid
2. The date, nature and amount of the payment
3. The extent to which, if any, that the payment is tax deductible to
the employee
Note: Any item for which depreciation will be claimed is excluded from being a once only deduction
Kreston Dormers have prepared a Expense Payment Benefits Schedule to assist you in assessing your FBT liability. If you require further information or assistance in preparing your FBT return feel free to contact us at fbt@krestondormers.com or on (02) 9874 8038 |
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