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Fringe benefit definition Form: What You Should Know

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Instructions and Help about Fringe benefit definition

Okay, there guys. I want to thank Aronia for asking another question on my wall, and she really has, well, three questions here. The first question is: what is a fringe benefit? Why do we have fringe benefits tax? And who has to pay fringe benefits tax? Aronia, I want you to understand that this is one of the most frustrating pieces of tax law, and you might tell me, "Well, all tax law is kind of frustrating." No, this is one of the worst, alright? What is a fringe benefit? Now, you can read the definitions of fringe benefits in your textbook, but basically it goes like this: whenever you have an employer who pays an employee anything or any benefit or any good thing that flows from the employer to the employee, it is going to be a benefit. It's so wide, it includes the desk you see, that includes having toilet facilities at work, any good thing at all that flows from the employer to the employee whatsoever. But it's the negative limbs that take away from this and start to narrow down what the government really meant by a fringe benefit. So, any wages that flow from the employer to the employee, the employees will pay income tax on that. So, the government doesn't need to chase you there because they've already got you. There's also the otherwise deductible rule. This basically says that if the employee had to pay for that expense and they would get a deduction for it, then it won't be covered by fringe benefits taxes. Now, you can read a lot about the confusing formula, and fringe benefits tax is written in such a way that it's just mind-bogglingly frustrating to read. But in reality, when you do fringe benefits taxes in the...